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Questions 1. Given below are the demand schedule and supply schedule for the labour market for supervisors. Remember that demand for labour represents the employers' demand for workers. while supply represents the workers' willingness to work. Graph the demand and supply curve on one graph and determine equilibrium in this market. Label the graph properly. Please state the wage and quantity that establishes equilibrium. Don't just point to it. ( 3 marks - 2 for a properly labeled and accurate graph, one for clearly identifying and stating equilibrium - both price and quantity} Daily Wage Quantity Daily Wage Quantity for Demanded for Supplied Supervisors (000:) 530.000 $1r5 150.000I 425.000 3135 155.000 | 335.000 5200 135.000 | 300.000 5245 205.000 | 235.000 5275 235.000 | 235.000 $300 325,000 3330 200.000 3330 335.000 $355 125.000 $355 425.000 2. Calculate the coefcient of price elasticity of demand and the price elasticity of supply. it the daily wage goes from $275 to $300. Is elasticity at this level inelastic or elastic? How do you know? Use the formula found in Chapter 2 of the textbook and calculate to 4 decimal places. (2 marks) 3. Based on the elasticity you calculated in Question 2, would it be a good idea for a union to try to negotiate a large wage increase? How successful do you think a union will be? Explain why you 1ink so. (2 marks) 4. Do you think that unions have been properly supporting their members during Covid'? Choose a specic union and explain why or why not. citing at least three sources. Don't forget to properly cite your sources