Please carefully follow the assessment guide and make a clear and structured answer. Thank you ?

ECONI 00, Summer 2023 Quiz 1 [based on Chapters 1-3] Due date: Friday December 8, 5:00 pm Submission: Use the online submission form in the \"Assessment 1\" Section of the Moodie site. Instructions: Answer all the questions (coverage should be adequate depending on the question). Answers must be typewritten, graphs can be drawn by hand (where necessary) and inserted in the document. Question 1 (3 marks) In The Wealth of Nations Adam Smith wrote the following (Book I. Chapter II): it is not from the benevolenCe of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own interest. i. Briey discuss what he meant by this. (2 mark) ii. Explain what Adam Smith meant when he referred to the 'invisible hand' of the market. (1 mark) Question 2 (5 marks) The table below shows the output per week of twojewellers. Sarah and Helen. They can either devote their time to making bracelets or making necklaces. Bracelets Necklaces Using the information in the table appropriately, answer the following questions: a) Does either Sarah or Helen has an absolute advantage and, if so, in what product? (1 mark) b) Calculate the opportunity cost of making a bracelet for each jeweller. (1 mark) 0) Calculate the opportunity cost of making a necklace for each jeweller. (1 mark) d) If Sarah and Helen decide to specialise according to comparative advantage which product should each of them produce and trade? (2 marks) Question 3: (2 marks) Explain how it would be possible for the equilibrium price and equilibrium quantity to both increase in the market for motorcycles if consumer preference for motorcycles increases and the number of motorcycle manufacturers decreases. l'l'otal 10 Marks}