managerial economics 310bus

please show all step and how to draw the graph

1. The domestic demand for generic art is represented by the function D(p)=1,000p, where p denotes the price. Suppose that the domestic art producers are willing to supply any quantity if they receive (at least) $500 per painting, but they would not supply anything at lower prices. By contrast, the Chinese artists are willing to supply up to 600 generic paintings for a price of $250 per painting (and they are not able to supply more than 600 paintings even if the price is higher). (a) Draw, on the same graph, the domestic demand and supply curves for generic art. Assuming that the Chinese artists cannot enter the domestic market, what would be the (domestic) equilibrium price and quantity of generic art? (b) Assume now that the Chinese artists can enter the domestic market. Draw the new total supply curve in this case. What are the new equilibrium price and quantity? 2. Assume that the (daily) demand (measured in hours of work) of unskilled labor in a particular town is given by D(w)=1005w, where w denotes the hourly wage rate. The supply of unskilled labor at the same location is given by S(w)=10w50. Explain what would be the effect (if any) of a $12 per hour minimum wage mandate in this market. 3. Use supply and demand analysis to examine the following statement: "The practice of giving food stamps is self-defeating. Food stamps effectively lower the price of food. When food becomes available at lower prices, demand will increase thereby forcing the price up to its initial level." Is this reasoning correct? Draw supply and demand curves to illustrate your