Midterm 1 - The Colorado College Department of Economics...

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1 The Colorado College Department of Economics and Business Block 5: Principles of Microeconomics Block 5 Econ 151 Midterm #1 -- Time: 2 hours and 30 minutes. Do all 4 questions. Please be clear and precise with the answers. Write and sign you follow the CC Honor Code. Turn in question paper along with answer booklet. 1. (a) Suppose the demand and supply curve for eggs in the United States are given by the following equations: Q d = 100-20P Q s = 10+40P (i) Fill in the following table the quantities demanded and supplied at each price level. (3 points) Price Quantity demanded Quantity supplied $0.5 1 1.5 2 2.5 (ii) What is the equilibrium price and quantity? (2 points) (iii) Graph the demand and supply curves and identify the equilibrium price and quantity. (2 points) (b) For each of the following events draw a supply-demand diagram that illustrates the effect on the market for eggs. Indicate in each case the impact on equilibrium price and quantity.
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Midterm 1 - The Colorado College Department of Economics...

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