2. mark) Graph the supply and demand curves for the following dara using the grid below. ( Price Quantity Demanded Quantity $3.50 Supplied 0 3.00- 500 100 2.50 400 200 2.00 300 300 200 1.50 400 100 1.00 500 0 $3.50 S 3.00 2.50 2.00 Price 1.50 1.00 D 0 100 200 300 400 500 600 700 Quantity (1 a. The equilibrium price and quantity is mark) If there is an increase in efficiency allowing the production to increase by 50%, show the resulting change in the market on the graph and identify the new equilibrium price and quantity. (2 marks) The new equilibrium price and quantity isSechon : 01 best completes the statement or answers the At $2 a ticket, the 50 people at their 1) forge's party was PART B (15 marks) 1. a. For a firm that makes tables and chairs graph the following data on a production possibilities frontier. (1 mark) Scenario Tables Chairs A 50 50 B O 40 60 30 90 40 D 20 105 30 10 1 15 Tables 120 G 20 H 10 0 20 40 60 80 100 120 Chairs b. What is the opportunity cost of increasing the production of tables from 20 to 30? (1 mark) C. Explain the region of output containing point G and point H? (1 mark) Quantity d. Describe what this firm needs to do to produce a combination of 50 tables and 50 chairs. (1 mark)3. Match each unemployment term with its description: (3 marks) Term Description Matching Term A. Underemployment Unemployed workers don't have the right skills for the jobs available B. Seasonal unemployment People between jobs while switching jobs/careers. C. Frictional unemployment Workers are working at jobs below their qualifications. D. Discouraged workers Golf course workers are out of work in winter. E. Cyclical unemployment Unemployed workers quit looking for work and leave the labour force. F. Structural Auto workers are laid off when cars aren't selling. unemployment Calculate the participation rate and the unemployment rate using the following data. (2 marks) 100,000 Looking for Population age 15+: 150,000 Working: work: 5,000 Participation Rate: Unemployment Rate: 5. Draw a diagram of the circular flow of an economy including all the major players. (2 marks)