ASSIGNMENT NO.1&mdash;ECONOMIC MODELSThe purpose of this assignmentis for you to practice applying your knowledge of Economics(especially two-variable relationships)to products and service that you already know <link is hidden> complete sentences, and model where necessary or required, the following concepts and <link is hidden> may be hand drawn or made using software programs; however, either way, they must be clearly drawn and labeled, and submitted in a clear electronic format via Canvas. Ensure that all graphs are labeled with the x-axis and y-axis, variable units (hours, days, number of units, price, etc.), and the graph and/or <link is hidden> product/serviceWhat is the product/service you have contributed to the class collection ofproducts and services and whatis one company that sells thatproduct/service. <link is hidden> what a substitute for the product/service is and why it is a reasonable substitute? <link is hidden> one complementary product or service to your product/service?Linear RelationshipsModel the following two-variable relationships and explain them in writing. These relationships should not include price as one of the <link is hidden> relationship where your product/service is the independent <link is hidden> relationship where your product/service is the independent <link is hidden> relationship where your product/service is the dependent <link is hidden> relationship where your product/service is the dependent <link is hidden> FrontierPick two different products (that are notyour product/service) to model on a graph of a production possibilities frontier. Make sure the production-possibilities frontier curve intersectswith the x-axis and the <link is hidden> the relationship between the two <link is hidden> what the x-intercept and y-intercept on the graph each mean in terms of the relationship between the two <link is hidden> and explain at least one additional pointon the curve(other than the x-and y-intercepts) and one point off the curve.