Question

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 quantity), 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)

 

Price	Quantity Demanded
$45	1,800,000
$60	1,575,000
$85	1,330,000
$100	1,300,000
$125	1,195,000
$160	1,085,000
$185	900,000
$210	745,000

Price	Quantity Supplied
$45	645,000
$60	740,000
$85	865,000
$100	990,000
$125	1,195,000
$160	1,500,000
$185	1,725,000
$210	2,000,000