3. Given the following market schedule for demand and supply schedule of pizza, Price(Canadian Dollars) Quantity Demanded Quantity Supplied $50 100 500 $400 200 400 $300 300 300 $200 400 200 $100 500 100 a. Draw Demand curve (5 marks) b. Supply curve (5 marks) c. Draw the demand and supply curves together and shade the shortage area (5 marks) d. Calculate for shortage, surplus and equilibrium points . (Show calculations) (5 marks) Price(Canadian Dollars) Quantity Demanded Quantity Supplied Surplus/ shortage/ equilibrium $50 100 500 $400 200 400 $300 300 300 $200 400 200 $100 500 1004. Using the total revenue test identify whether the good is inelastic or elastic a. The total revenue of the good increased when the price of the good also increased (5 marks) b. The total revenue of the good decreased as the price of that good increased (5 marks) . The total revenue of the good increased when price declined (5 marks) d. When the price of a good declined, the total revenue also declined (5 marks) 5. Give the following data on the price and quantity demand of timber Year Price per log Quantity demand 2019 $400 12000 2020 $500 10000 a. Calculate the price elasticity of demand using the midpoint method(10 marks) b. Draw the demand curve (5 marks) 6. Richard Blay resigned from his previous job where he earned $30,000 annually to start his restaurant business. His total revenue last year was $90,000 whiles his explicit cost was $15,000. Find the economic profit of Mr. Blay's restaurant? (10 marks) 7. Solve the following games and find the Nash equilibrium (10 marks) a. Left Right Tommy Up 8,7 4.6 Down 6,5 7,8 Albert b. Define Nash equilibrium