1. AGEC 105 EQ #9 October 16, 2013 This EQ is worth 3 points.

2. Question 1 Given the market supply schedule below:
(1pt) (a) Calculate the own-price elasticity of supply
between points C and D. Show all work.
(1/2pt) (b) Characterize the magnitude of the own-price
elasticity of supply – elastic, inelastic, or unitary elastic.
Point
Price
Quantity Supplied A 1 2 B 3 C 6 D 4 8

3. Question 2
Consider the following diagram: (1/2pt) (a) On the basis of this diagram, producer surplus is equal to $___________ million. (1/2pt) (b) Another term for producer surplus is _____________. P S $4 $2 30
Q (million)

4. Question 3 (1/2pt) Given the diagram below, define Pe and Qe.
Psoybeans S Pe D Qe
Qsoybeans

5. Random Question:
Name one of the three economists who were awarded the Nobel Prize in 2013.