Please answer question 2 (a) and so on.

Questions 1 and 2 use these curves: (You can assume they are both linear when you sketch the curves.) Curve A has points (4,8), (1,2), and (5,10) Curve B has points (0,50), (2,40), (4,30), (6,20), and (8,10) 1. (a) Plot each curve. (b) Which curve is most likely demand and which curve is most likely supply? How do you know? (c) Estimate where the equilibrium point is. 2. (a) Write an equation for each of the two curves. (b) Use the equations to find an equilibrium. (Is it the same equilibrium you found for question 1?) Questions 3, 4, and 5 use these curves: QD = 3500 - 3P OS = 500 +7P 3. (a) Plot each curve. (b) Estimate where the equilibrium point is. (c) Make a chart of three points on each curve: one at a price below equilibrium, one at the equilibrium price, and one at a price above equilibrium. 4. (a) Using algebra, find the equilibrium price. (b) Substitute the equilibrium price into the Demand equation to find quantity demanded at that price. (c) Substitute the equilibrium price into the Supply equation to find quantity supplied at that price. (d) What is the relationship between the two quantities you just found? 5. If the first equation changes to 4000 -3P, what will happen to the equilibrium price and quantity? (You don't need to find the new equilibrium, just describe the change.) Why might it have changed? 6. Answer the following questions about Josh. Josh has $20 to spend and could buy 40 nails (if he spends all $20 on nails) or 10 bolts (if he spends all $20 on bolts). (a) Write Josh's budget constraint. In your equation, use N as the variable to represent the quantity of nails and B to represent the quantity of bolts. (b) What is the opportunity cost of a nail? (c) What is the opportunity cost of a bolt? (d) How many nails and how many bolts would Josh have if he spends $12 on nails and the remainder on bolts