After author, Olivia Jones, published a book in the United States about a boy wizard fighting an evil overlord named Lloyd Voldemort, JK Rowling, author of a popular children’s book featuring a boy wizard fighting an evil overlord named Lord Voldemort, filed a patent infringement lawsuit for violating her intellectual property rights to the Harry Potter series.  Is JK Rowling likely to succeed?

The test files are below.  Feel free to print a hard copy if you like.  If you need to leave the room for a minute or two to print or scan that is fine.  Canvas will only upload one file per file upload question.  This is why there are 2 questions.  Please upload the “.dwg” file to Question 1 and the “.pdf” file to Question 2.  Your test score will only be reflected in the first question.   You will upload the files using the upload link below, just like you would do if this were a homework assignment. TEST 1 the test instructions. Test1 Template download this Template.   NOTES.dwg download this Block. CuestaTitleBlock-1.dwg  this title block drawing to your Desktop, then insert it into the layout. Please upload the “.dwg” file below:

Consider the market for milk. Consumers were able to convince the government to impose a binding price ceiling as they stated it was a staple food for low-income American families and the current prices were too high. In 2021, a surge of people took to baking more and the demand for milk went up.  How are the equilibrium price and quantity of milk affected by this increase in demand with a price ceiling?

Consider an industry where (1) demand is perfectly elastic, and (2) supply is relatively inelastic. If a tax is imposed in this industry, _______ bears the entire burden of the tax and equilibrium quantity ________. (Fill in the blanks.)

Two things happen: (1) The first-year enrollment has increased at UMN and (2) bakers found a new and better way of shelving the many ingredients used to make bagels.

The economy is experiencing growth. As a result, income has increased in the economy. Assume that bagels are a normal good.

A new health report shows that eating too many bagels may increase cholesterol levels since bagels are considered a high carbohydrate and a high fat food.  

The first seven questions are about the market for bagels. For each of the following situations, determine what happens to the equilibrium quantity (QBagels) and equilibrium price (PBagels) of bagels.

A new kind of consumption good, the “smidget” is invented in Econland. Suppose that the impact of the invention on the widget market is that the price Pwidget decreases while the quantity Qwidget remains unchanged. A possible explanation for why this happened is that widgets and smidgets are __________ and the supply curve for widgets is __________. (Fill in the blanks.)

For the next four questions (questions 20 – 23), assume demand is D1 (the demand curve on the LEFT) and the industry is in long-run equilibrium.