Question 1 (5 marks) We are examining the market for T-shirts 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 quantity), don't just point to it on the graph. Make sure you have the price and quantity demanded on the correct axis. (4 marks for accurate graph and 1 mark for equilibrium) Price Quantity Price Quantity Demanded Supplied $20 1,600,000 $20 350,000 $30 1,475,000 $30 525,000 $42 1,400,000 $42 650,000 $50 1,275,000 $50 750,000 $65 825,000 $65 825,000 $75 650,000 $75 985,000 $100 385,000 $100 1.165,000 $115 200,000 $115 1,385,000