Hi Everyone,

Please help me solve all of #1 and #2

Please provide the work so I can see it visually and understand how you got that answer.

Thank You and Take Care

Problem 2. (15 points) Supply & Demand Demand for Price per bottle Supply of Sunscreen Surplus (+) or Sunscreen Shortage (-) Size, not just sign. 80 $2 10 70 $4 30 60 $6 50 50 58 70 40 $10 90 30 $12 110 a) Before drawing a graph, complete the table with the size of surpluses and shortages at each price. Use the table to find the approximate equilibrium price and quantity. Is the equilibrium price $4? Explain why or why not using numbers for full credit. Your explanation should include the definition of equilibrium price. b) Graph the Supply and Demand curves, label everything! Quantity on the horizontal and price on the vertical axis. Please use graph paper. c) Suppose that sunscreen manufacturers find cheaper ingredients that reduce the cost of producing sunscreen. How would this affect the supply curve for sunscreen? How would this affect the demand curve? Show the impact on your graph and predict changes in price and quantity of sunscreen. Summarize your predictions in a coherent sentence.ECON 2120 Microeconomics Problem Section (60 points) (Do all graphing on graph paper) Production Possibilities, Supply & Demand and Elasticity Problem 1. (15 points) Production Possibilities Chiles 1 2 3 4 Beef 40 36 28 15 a) Graph a PPF with chiles on the horizontal axis on a separate piece of graph paper. b) Find the slope of the PPF between (1, 36) and (2, 28). Find the slope of the PPF between (3, 15) and (4, 0). c) Find & Graph Marginal Cost (MC). Show your units. Keep this graph separate from the PPF, but again put chiles on the horizontal axis. Chiles 1 2 3 MC d) How do you find the allocation efficiency, the right mix of chiles and beef to produce? Suppose that the marginal benefit received from Chile consumption is 22 for the 1" unit of chiles, 15 for the 2nd unit of chiles, 10 for the 3" unit of chiles, 5 for the 4th unit of chiles. If you need to produce chiles in whole units, what's the best amount to produce? Explain and support your answer by referring to numbers or a graph. If you can produce partial units of chiles, what's the best amount to produce? Explain and support your answer by referring to numbers and a graph