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AGEC 105 EQ8 October 17, 2012 This EQ is worth 4 points.

AGEC 105 EQ8 October 17, 2012 This EQ is worth 4 points. Question 1 (1pt). Given the market supply schedule below: Calculate the own-price elasticity of supply between points C and D. Show all work. Question 2 (2pt).

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AGEC 105 EQ8 October 17, 2012 This EQ is worth 4 points.

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  1. AGEC 105EQ8October 17, 2012This EQ is worth 4 points.

  2. Question 1 (1pt) Given the market supply schedule below: Calculate the own-price elasticity of supply between points C and D. Show all work.

  3. Question 2 (2pt) Suppose that P = $25/unit and the profit maximizing output is 350 units. Also suppose that the corresponding ATC = $16/unit. Calculate the maximum profit that this firm can earn. Show all work.

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

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