Help on graphing situations: (PLEASE show Graphs, if possible) All questions nee
ID: 1206722 • Letter: H
Question
Help on graphing situations: (PLEASE show Graphs, if possible) All questions need to be explained compared to equilibrium price and quantity:1. What will happen to the income of labor currently making minimum wage whenhourly rate increases? 1a.) will all, some, or none of this labor earn a higher income? *Include a graph using curves associated with monopolistic competition in the short run, showing the demand curve, MR curve, Supply/MC curve, and equilibrium price and quantity.
2. What will happen to businesses when they are required to pay the higher hourly rage wate?
2a.) will all, some, or none face increasing costs?
b.) will all, some, or none remain profitable?
c.) will all, some, or none end up in a shutdown position?
*Include a graph using curves associated with monopolistic competition in the short run, showing the demand curve, MR curve, Supply/MC curve, and equilibrium price and quantity.
3. What happens to consumers who are not making minimum wage?
*Include a graph using curves associated with monopolistic competition in the short run, showing the demand curve, MR curve, Supply/MC curve, and equilibrium price and quantity.
4. Will the economy be in a better, worse, or neutral position?
*Include a graph using curves associated with monopolistic competition in the short run, showing the demand curve, MR curve, Supply/MC curve, and equilibrium price and quantity.
Help on graphing situations: (PLEASE show Graphs, if possible) All questions need to be explained compared to equilibrium price and quantity:
1. What will happen to the income of labor currently making minimum wage whenhourly rate increases? 1a.) will all, some, or none of this labor earn a higher income? *Include a graph using curves associated with monopolistic competition in the short run, showing the demand curve, MR curve, Supply/MC curve, and equilibrium price and quantity.
2. What will happen to businesses when they are required to pay the higher hourly rage wate?
2a.) will all, some, or none face increasing costs?
b.) will all, some, or none remain profitable?
c.) will all, some, or none end up in a shutdown position?
*Include a graph using curves associated with monopolistic competition in the short run, showing the demand curve, MR curve, Supply/MC curve, and equilibrium price and quantity.
3. What happens to consumers who are not making minimum wage?
*Include a graph using curves associated with monopolistic competition in the short run, showing the demand curve, MR curve, Supply/MC curve, and equilibrium price and quantity.
4. Will the economy be in a better, worse, or neutral position?
*Include a graph using curves associated with monopolistic competition in the short run, showing the demand curve, MR curve, Supply/MC curve, and equilibrium price and quantity.
1. What will happen to the income of labor currently making minimum wage whenhourly rate increases? 1a.) will all, some, or none of this labor earn a higher income? *Include a graph using curves associated with monopolistic competition in the short run, showing the demand curve, MR curve, Supply/MC curve, and equilibrium price and quantity.
2. What will happen to businesses when they are required to pay the higher hourly rage wate?
2a.) will all, some, or none face increasing costs?
b.) will all, some, or none remain profitable?
c.) will all, some, or none end up in a shutdown position?
*Include a graph using curves associated with monopolistic competition in the short run, showing the demand curve, MR curve, Supply/MC curve, and equilibrium price and quantity.
3. What happens to consumers who are not making minimum wage?
*Include a graph using curves associated with monopolistic competition in the short run, showing the demand curve, MR curve, Supply/MC curve, and equilibrium price and quantity.
4. Will the economy be in a better, worse, or neutral position?
*Include a graph using curves associated with monopolistic competition in the short run, showing the demand curve, MR curve, Supply/MC curve, and equilibrium price and quantity.
Explanation / Answer
a. When wage rate increases, the supply of wokers increase. Due to increase in wages, firms start hiring less workers. Thus,unemployment increases. Due to which, some workers get high wage and some become unemployed.
b. All will face increasing cost but some of them will still remain profitable. Some firms may shutdown.
c. The price of the commodities for the consumer increases. This is because due to increase in wages, firms will charge higher price for their products.
d. The effect on economy in ambiguos.
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