below is the questions I am struggling with. I took a screenshot so you can better see the questions.

Home Insert Draw Design Layout Relerences Mailings Review View 9 Tell me ,3 Share D Comments x .. .. . v : ._ ._ _: _: A ' ' [an v [I3 Anal 12 A A A8 V 130 7 v L L 2i 'll Mabccodse \"mods. 33%ch AaBbCdeE AaBb AthEchEr mumme ' '3 I v Pasta (3 g I g ,, ab 1:, x' A ,, p ,, A v a : : g g ,, 0' V _ ,, , Norm-l NoSpeclng Hemingl Heading! riua Subtitle SuWeErnph. ,ngle Dinars The learner will be able to: analyze a market in terms of demand and supply and establish equilibrium accurately graph and label the demand and supply curves for a market determine what will shift demand and supply calculate and identify the impact of elasticity of demand in a market create and interpret a production possibility curve Instructions Answer the following questions. Please submit your answers in ONE Word document with all your answers labelled and in the correct order. Excel and PDF les will not be accepted. 1. We are examining the market for gold picture frames in Ontario. Given below are the demand schedule and supply schedule for this product for one year. Accurately graph the demand and supply curves on one graph and determine equilibrium in this market. Label the graph and axises properly. State where equilibrium is (both price and quantity), don'tjust point to it on the graph. Make sure you have the price and quantity demanded on the conth axis. (5 marks 4 marks for graph and 1 mark for equilibrium) Price Quantity Price Quantity Demanded Supplied $45 1,800,000 $45 545.000 $60 1,575,000 $60 740.000 $95 1,330,000 $95 865,000 $100 1-3003\") $100 010,000 $125 1,395,000 $125 1.395.000 $160 193530\" $160 1,750,000 $135 90030\" $105 1,025,000 $210 745,000 $210 2,100,000 Page'laltl 735 wards IE English (Canada) :. Fucus n Fro __+155% Home Insert Draw Design Layout Relerences Mailings Review View 9 Tell me i3 Share D Comments [an v [E Ariai .. " A\" Av M V pp E V E V l': V E E 9i. 'll \"mods; \"mots: AaBchD AaBbCdeE AaBb AthEchEi Meta-Dds: ' Q I V \"a!\" d B I U v ab x2 x' A u I v A v E g g g 12 .. a ., """ ., Nunnll NDchlnu Hemingl Heading 1 one Subtitle 5mm Emm. ) Sgt: Dina\" Assignment 1 2. Fill in the following table stating how the event would affth demand or supply for gold picture frames in Ontario. That is, will the curve shift to the left, to the right, will there be movement along the curve (to the left or to the right) or will there be no impact in the curve. (3 marks - 1/: mark each) Event Impact on Demand (will the demand curve shift to the left, the right, or remain the same) 1 Picture frames become popular as wedding gifts. 2 The price of picture frames decreases. 3 Fewer people print their photographs. Impact on Supply (will the supply curve shift to the left, the right. or remain the same} 4 The cost of the material to make picture frames increases. 5 Demand for picture frames increases. 6 A new technology makes it faster to assemble the frames. Page 'i at 4 735 words III English (Canada) ' . Focus n Fig := g , + 155% l3 Share D Comments Home Insert Draw Design Layout Reierences Mailings Review View 9 Tellme x . h v _ _ A ' . [an v [I3 Anal ' 12 " A A A8' 130 ,. v : 2 2i 'W Mabccodse \"mods. 33%ch AaBbCdeE AaBb AaBbEchEr murmurs ' '3 I v i E :E v 0. V """ ., Norm-l NDSpucln Haalinul Heading 1 riua Subtitle slime Emplr. Styles Dictate 7 ) Pane 3. Illustrate Scenario #1 above by drawing the impact on the market in a correctly labeled graph. You do not need to invent numbers. Just make sure I know what happens in the market and that the graph is property labeled. Clearly identify the old equilibrium and the new equilibrium. To do this you will need to draw the original demand and supply and then draw new demand and supply curves where appropriate. (3 marks 1 mark for correct graph. 1 mark for correct change, 1 mark for identifying new E.) Assignment 1 4. The chart below represents the production possibilities for a company that produces ereaders and tablets. {5 marks) + 155% Page2of4 735 words [E English {Canada} :. Focus n Fro AutoSave ( OFF Assignment1 (1) - Saved to my Mac Q Home Insert Draw Design Layout References Mailings Review View ? Tell me Share Comments Arial * 12 A" A Aa Ap EEVEEVEE AaBbCcDdEe AaBbCcDdEe AaBbCcD AaBbCcDdE AaBb AaBbCcDdE AaBbCcDdEe Paste BI Uvab x x A LA. Normal No Spacing Heading 1 Heading 2 Title Subtitle Subtle Emph Styles Dictate Pane Assignment 1 4. The chart below represents the production possibilities for a company that produces ereaders and tablets. (5 marks) a. Create a properly labeled graph representing the company's combination of choices for these two products. (2 marks) b. Using the letter 'U' indicate on the graph unattainable combinations. (1 mark) c. Using the letter 'A', indicate on the graph the attainable but inefficient. (1 mark) d. Using the letter 'F' indicate the combinations that are both attainable and efficient. (1 mark) Production Possibility Curve Tablets Ereaders 0 2,000,000 90,000 1,250,000 105000 950,000 170000 800,000 300,000 0 Page 3 of 4 735 words English (Canada Focus E + 155%AutoSave ( OFF Assignment1 (1) - Saved to my Mac Q Home Insert Draw Design Layout References Mailings Review View ? Tell me Share Comments Arial * 12 " A" A Aa Po EEVEEVEE 24 T AaBbCcDdEe AaBbCcDdEe AaBbCCD AaBbCcDdE AaBb AaBbCcDdE AaBbCcDdEe Paste BIUvab X x A LA Normal No Spacing Heading 1 Heading 2 Title Subtitle Subtle Emph Styles Dictate Pane Assignment 1 5 . a. Using the data found in Question 1, calculate the elasticity of demand and elasticity of supply at each price change in the market for gold picture frames using the midpoint formula for both supply and demand. Because you are calculating the change between two levels, you will have 7 calculations for the 8 prices. (2 marks - 1 mark each for correct demand and correct supply elasticities) Price Quantity Elasticity of Quantity Elasticity of Demanded Demand Supplied Supply $45 1,800,00 645,000 $60 1,575,000 740,000 $95 1,330,000 865,000 $100 1,300,000 910,000 $125 1,395,000 1,395,000 $160 1,085,000 1,750,000 $185 900,000 1,925,000 $210 745,000 2,100,000 b. Based on your elasticity of demand calculation, if the price of gold picture frames rises from $100 to $125 will total revenue go up or down? Explain. You need to answer the first part of this question by explaining how you interpreted the elasticity of demand at this point. How much will revenue change (in dollar terms)? (2 marks - 1 mark for calculation. one mark for explanation using elasticity) Page 4 of 4 735 words English (Canada Focus + 155%