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Assume a competitive industry in long-run equilibrium. The industry exhibits increasing costs. All the workers in the industry earn the minimum wage. Suppose the minimum wage is increased by 15%.
a) What is the short-run response of the industry and the firms within it?
b) In the long-run, what happens to equilibrium price, individual firm output, industry output, and the number of firms in the industry?
c) What happens to the total number of workers employed in the industry?
A state meat inspector in Iowa has been given the assignment of estimating the mean net weight of packages of ground chuck labeled "3 pounds.
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Utilize these new diagrams to Elucidate the long-run which will take place in this industry.
Restaurants have observed that large parties (eight or more) leave a lower average tip than smaller parties. Identify the effect, which also makes it more difficult to reach global environmental agreements, responsible for this phenomenon.
Suppose that there is a unit mass of consumers who are uniformly distributed on the segment[0,1]. Two firms are located on the line and sell identical products.
Elucidate what will happen to equilibrium cost and quantity of satellite TV service if wages of workers who provide satellite TV service increase while at same time cost of cable television service.
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sticky prices also income are often cited as an example of market inefficiencies during recession lay off workers yet many of these firms are related to begin hiring even as the economic situation improved.
q1. assume the supply of money graph. if reserve prerequisite before the shift was 10 as well as the fed adjusted the
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