Help me out with this A2

ASSIGNMENT #2 QUESTIONS Due no later than 11:00 pm. on Sunday of Unit 4 Weight 2.5% of the final grade Late Submission Policy This assignment is subject to the Late Submission penalty policy, namely 5% per day for three days. This page will close and will not allow further submissions after this Late Submission period has expired. In the event of an emergency that prevents you from submitting within this time frame, special permission must be obtained from your instructor. Documentation substantiating the emergency is required. If the extension is granted, the professor will reopen the submission function for you on an individual basis. Do not email your submissions to your professor, either before or after the due date. All coursework should be submitted through the online course (Moodle) only. Description Students are to complete assignments in Word (or some other compatible word processor; no PDF) and apply economic concepts learned in this course to the answers submitted for evaluation. Do not submit more than ONE document for your assignment. 1. 2. Choose any product or service market. Create the demand and supply schedule of the selected market by filling out the table below: a. What is the market equilibrium price and quantity in your selected market? b. Pick a price so that there will be a market shortage, and find the shortage amount c. Write one example factor that could increase the demand and decrease the supply. Using the filled table above, a} calculate-just one PED. b} Is the demand elastic or inelastic? c) Based on your answer to c) what price change would you recommend to increase TR