please answer these questions by October 18th, 2020, which is in 2 days!!

Assignment 1 This assignment is out of 20 marks and is worth 10% of your final mark. Learning Outcomes The learner will be able to: analyze a market in terms of demand and supply and establish equilibrium accurately graph and label the demand and supply curves for a market determine what will shift demand and supply calculate and identify the impact of elasticity of demand in a market a create and interpret a production possibility curve Instructions Answer the following questions. Please submit your answers in ONE Word document with all your answers labelled and in the correct order. Excel and PDF files will not be accepted. 1. We are examining the market for gold picture frames in Ontario. Given below are the demand schedule and supply schedule for this product for one year. Accurately graph the demand and supply curves on one graph and determine equilibrium in this market. Label the graph and axises properly. State where equilibrium is (both price and guantiy), don't just point to it on the graph. Make sure you have the price and quantity demanded on the correct axis. (5 marks - 4 marks for graph and 1 mark for equilibrium) - Demanded .051 1,575,000 1,330,000 Quantity Su - - lied 645,000 740,000 865,000 .01?! 1,300,000 1 ,195,000 1,085,000 900.000 .EEI 745.000 910,000 1,195,000 1,750,000 1,925,000 2,100,000 Assignment 1 2. Fill in the following table stating how the event would affect demand or supply for gold picture frames in Ontario. That is, will the curve shift to the left, to the right, will there be movement along the curve (to the left or to the right) or will there be no impact in the curve. (3 marks 1/2 mark each) Impact on Demand (will the demand curve shift to the left, the right, or remain the same) I Picture frames become popular as wedding gifts. The price of picture frames decreases. Impact on Supply (will the supply curve shift to the left, the right, or remain the same) _ increases. I A new technology makes it faster to assemble the frames. Illustrate Scenario #1 above by drawing the Impact on the market In a correctly labeled graph. You do not need to invent numbers. Just make sure I know what happens in the market and that the graph is properly labeled. Clearly identify the old equilibrium and the new equilibrium. To do this you will need to draw the original demand and supply and then draw new demand and supply curves where appropriate. (3 marks 1 mark for correct graph, 1 mark for correct change, 1 mark for identifying new E.) 51.0 Assignment 1 The chart below represents the production possibilities for a company that produces ereaders and tablets. (5 marks) Create a properly labeled graph representing the company's combination of choices for these two products. (2 marks) Using the letter 'U' indicate on the graph unattainable combinations. (1 mark) Using the letter 'A', indicate on the graph the attainable but inefficient. (1 mark) Using the letter 'F' indicate the combinations that are both attainable and efficient. (1 mark) Production Possibility Curve Tablets Ereaders ,000,000 250,000 950,000 800,000 90,000 105000 170000 300,000 - _ n -1 - - - Assignment 1 5. a. Using the data found in Question 1, calculate the elasticity of demand and elasticity of supply at each price change in the market for gold picture frames using the midpoint formula for both supply and demand. Because you are calculating the change between two levels, you will have 7 calculations for the 8 prices. (2 marks 1 mark each for correct demand and correct supply elasticities) Quantity Elasticity of Quantity Elasticity of Demanded Demand Supplied Supply w - -- _ ,575 ,000 40, 000 m- _ 3,30 000 65, 000 b. Based on your elasticity of demand calculation, if the price of gold picture frames rises from $100 to $125 will total revenue go up or down? Explain. You need to answer the first part of this question by explaining how you interpreted the elasticity of demand at this point. How much will revenue change (in dollar terms)? (2 marks 1 mark for calculation, one mark for explanation using elasticity) , 750, 000 ,925, 000 , 100, 000