Eco 100y Introduction To Economics

Page 1 of 9 Department of Economics Prof. Gustavo Indart University of Toronto October 26, 2007 ECO 100Y - L0201 INTRODUCTION TO ECONOMICS Midterm Test #1 LAST NAME FIRST NAME STUDENT NUMBER INSTRUCTIONS: 1. The total time for this test is 50 minutes. 2. This question booklet has 9 (nine) pages. 3. Answer all questions in the space provided. 4. Aids allowed: a simple, non-programmable calculator only. 5. Use pen instead of pencil. DO NOT WRITE IN THIS SPACE Part I 1. /12 4. /12 2. /12 5. /12 3. /12 Part II /20 TOTAL /80 SOLUTIONSPage 2 of 9 PART I (60 marks) Question 1 (12 marks) The table below represents the supply and demand for Mexican papaya in thousands of pounds. [Note: Use the space provided in this table to work your answers to parts b) to d).] Price ($/pound) Quantity Supplied Quantity Demanded S0 S1 S2 D0 D1 0 0 0 4 20 30 10 6 4 8 16 24 20 12 8 12 12 18 30 18 12 16 8 12 40 24 16 20 4 6 50 30 20 24 0 0 a) Graph both the supply (S0) and demand (D0) curves in the diagram