ESSAY HELP: all questions must be assumed that the economy is at EQUILIBRIUM pri
ID: 1206837 • Letter: E
Question
ESSAY HELP: all questions must be assumed that the economy is at EQUILIBRIUM prior to the minimum wage increase, & each question must include 1 graph using curves associated with monopolistic competition in the short run:1. what will happen to the income of labor currently making minimum wage hourly rate increases? 1A) will ALL, SOME, or NONE of the labor earn a higher income?
2. what will happen to businesses when they are required to pay the higher hourly wage rate? 2A) will ALL, SOME, or NONE face increasing costs? 2B) will ALL, SOME, or NONE remain profitable? 2C) will any businesses end in a shutdown position?
3. What happens to consumers that are not making minimum wage?
4. Will the economy be in a better, neutral or worse position, and why?
* I must also include graphs!
Areas to consider Final Essay Topic .. Minimum wage increase -r-Sey What will happen to the in increasosDen to the income of labor currently making minimum wage wage hourly rate a. Will all, some, or ail, some, or none of this labor earn a higher income? 2. What will happen to rate? a. Will all, some or hremain they are required to pay the higher hourty wage rate to businesses when all, some or none face increasing costs? l al,some, or none remain profitable? c. Will any any business end up in a shutdown position? 3. What happens to consumers who are not making minimum wage 4 Will the economy the economy be in a better, worse, or neutral position? Requirements how each area ou should have learned the tools necessary to form and support a decision on wll be affected. This is open note/open book; however, no plagiarism. y will cover how you think each of the areas above will be affected. You will need to your decisions with the principles we have learned this semester 2. Your essa support Your starting point will be the assumption that the economy is at equilibrium prior minimum wage rate increase. Include a graph, using the curves associat competition in the short run, showing the Demand curve, Marginal Revenue curve curve, and the equilibrium price There is no right answer to this exercise. We may not know the final impact on e areas for some time after the wage rate increase. You will then decide what will happen after the wage increase in each of the 4 Use a separate page for each area and include a new graph that supports your position. 3. Your curves associated with monopolistic MC ach of these areas above. and quantity. Applying values to the graph is not necessary 4. The new graph for each area should include the original equilibrium points (properly marked on the graph) and the resulting change in equilibrium (f applicable) that would agree with the impact you have chosen. The new graph should also show any changes to D, MR, S/MC that result from your position . The new graph for each area should also include any Average Cost curv ATC, AVC) that support your position oints available: Properly applying the principles that and graphs for each section that support your position regarding the impact of a minimum wage rate increase will earn 25 points per area for a total 100 points ividual project -I have no problem if you want to meet as a group and discuss the various impa ld occur, but each individual will be required to submit their own essay. No group essays.
Explanation / Answer
1. all workers will get higher income
2. the cost will be increase to all of the firms.
3. their expenditures will be increase even though they do not have income levels
4. economy will be in better position
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