The exam is 120 minutes. You will have an additional 15 minu…

The exam is 120 minutes. You will have an additional 15 minutes to print (if available), scan, and upload. If you submit after the allotted time, your exam will be considered late and may incur a late penalty. After you complete your exam, scan your solutions into one .pdf file. Please upload your completed exam file by clicking on the “Add File” button underneath Question 1’s blank answer field. Download exam file here: Final Exam Closed book, two sheets of notes 8 1/2 × 11 is allowed. No smart phones or computers are allowed. Calculators are allowed but to be used for simple numerical and trigonometric calculations. Results without clearly showing how they are obtained will be given zero credit. Make sure you write your name and ID and answer all problems on the exam template. Extra pages can be added if needed. If your exam utilizes Gradescope’s Student App, do NOT upload to Gradescope. You will only upload your scanned exam file to this D2L quiz.

Part a) Use the following table to draw the market demand an…

Part a) Use the following table to draw the market demand and market supply curves. Clearly label the equilibrium price (P*) and the equilibrium quantity (Q*). You can draw your graphs on your own scratch paper as long as you use the same numbering as I have used in the sample graph paper I provided.      Sample graph paper (use this as a general guide for how your graphs should be set up). You do not need to use graph paper as long as your numbering follows this template.      Part b) Suppose Kelly and Jose suddenly decide to leave the market. Draw a new market demand and market supply curve (Label the new demand curve D’ and the new supply curve S’). Clearly label the new equilibrium price (P’) and the new equilibrium quantity (Q’) on your diagram.    Part c) How has the equilibrium price and equilibrium quantity changed from part a to part b?    After drawing your graphs you will need to take pictures of your market demand and market supply graphs or scan using a printer to scan your graphs and send them to fagine@crc.losrios.edu using your Los Rios gmail account. Scratch paper is due within 5 minutes after you submit your exam.