Question 1: The table below shows the quantity of workers demanded and supplied in Los Angeles over the past 3 months. Use the table to answer question A-C.

Annual Salary ($)	Quantity Demanded	Quantity Supplied	Surplus/Shortage quantity
10,000	60,000	1,000
20,000	55,000	5,000
30,000	50,000	5,000
40,000	45,000	13,000
50,000	40,000	15,000
100,000	20,000	20,000
120,000	11,000	30,000
200,000	8,000	35,000
250,000	5,000	40,000
300,000	1,000	45,000
400,000	500	50,000

1. Fill in the table above (Surplus or shortage quantity). In order to get points, showing workings [Show how the answer was derived for each row]. Simply adding the formula above or below the table is insufficient. Calculations can be provided using Microsoft word, paper, or Excel/Google Sheet. (8 points)
2. Provide a graph representing the table above. Show the equilibrium quantity and salary. (4 points)
3. Does this table follow the law of demand and supply? Explain (4 points)

Question 2: Below is a table showing the price of Nutella Chocolate spread and quantity sold at a local store. Use table below to answer questions A-E

Quantity Demand and Supply of Nutella Chocolate spread in a local store
Price ($)	Quantity Demanded	Quantity Supplied
5	30	4
6	28	6
7	26	10
8	22	14
9	18	18
10	14	22
11	10	28
12	5	30

Use the midpoint method for elasticity to solve questions A-B

1. Calculate the price elasticity of demand as price moves from $6 to $7 above
2. Calculate the price elasticity of supply as price moves from $11 to $12 above
3. From question A above, is the price elasticity elastic, inelastic or unitary?
4. From question B above, is the price elasticity elastic, inelastic or unitary?
5. Graph the table above. This can be done using paper and pencil, scanned and uploaded in canvas or using Excel.
6. To get full points, show your workings (calculations) for A and B and explain your answers for C-D