Midterm1prac2 - ECON 203 SPRING 2009 Intermediate...

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ECON 203 – SPRING 2009 Intermediate Microeconomics. Midterm 1 Wednesday Feb 24 th , 2010 – 50 Minutes. This Midterm consists of two parts. Part 1 contains two short-answer questions that are worth 9 marks each. Part 2 has two long-answer questions that are worth 16 marks each. In total you can earn 50 marks, i.e. a minute per mark. Fill out your name, student number and lab section before you start. Good luck! Name:……………………………………………………………………………………………. Student Number:………………………………………………………………………………… Lab Section:……………………………………………………………………………………… PART 1: SHORT-ANSWER QUESTIONS (18 marks) The short-answer questions below are worth 5 marks each . Question 1-1 (9 marks) . The market for potting soil has supply and demand curves given by P = Q s and P = 22 – Q d , respectively, where P is in $/bag and Q s and Q d are in bags. (a) Construct and label a diagram for the potting soil market. (b) Identify the equilibrium price, quantity, consumer surplus and producer surplus. (c) If the government imposes a price floor at $12/bag, describe its effect on the market
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This note was uploaded on 08/03/2011 for the course ECON 203 taught by Professor Okhan during the Spring '11 term at University of Victoria.

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Midterm1prac2 - ECON 203 SPRING 2009 Intermediate...

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