Daily demand for round-trip airline tickets from Timmins to Toronto. Daily demand for round-trip airline tickets from Timmins to Toronto can be represented by the function QD =150 - 0.1P and the supply of airline tickets can be represented by the function Qs= 0.1P - 50 where QD is the quantity demanded, Qs is the quantity supplied and P is the price of an airplane ticket. 2-a Graph the demand and supply curves for the market. 2-b Calculate the price elasticity of demand for these airline tickets when the price of tickets falls from $1200 to $1100 per ticket. Would you expect airline ticket revenue to increase or decrease? 2-c. What will happen to ticket prices and sales if the government imposes a price floor of $1200 per ticket? Despite being clones, Allison and Kosima have different skills when it comes to processing pieces of evidence and transcribing audio recordings. The clone sisters are building a legal case against their creator, Mr. Westmoreland. In one day, Allison can process 60 pieces of evidence while Kosima can process 50. In one day, Allison can transcribe 300 minutes of audio while Kosima can transcribe 500. 1. On the same diagram, graph Allison's and Kosima's INDIVIDUAL daily production possibilities. (7 percent) 2. If the clone sisters decide to specialize according to comparative advantage, how should they divide up the tasks of processing evidence and transcribing audio? Explain your answer by graphing their COMBINED daily production possibilities on a new graph. (8 percent) Business Economics Macroeconomics ECON 1007