ECO100Y5 Study Guide - Midterm Guide: Economic Surplus, Economic Equilibrium, Demand Curve

• School: UTM
• Department: Economics
• Course: ECO100Y5
• Professor: Michael H O

Document Summary

Do not use red-coloured pen (this colour is reserved for the markers) and you cannot appeal any part. If you do not provide the correct tutorial #, then your test will be graded later. of your answer if it is done in pencil (except the diagram in question 2). You must show the step-by-step calculations in question 1 or a zero will be given. You must relate your explanation in question 2 to your diagram for full marks. Only put your answers in the designated page(s) or space. Do not separate any page from this test or a 10-mark penalty will be imposed. Suppose in the market for apples, the supply curve is and the demand curve is. , where is the price of apples and is the quantity of apples supplied or demanded per year. (note: part (d) requires you to plot all your results) (a)