I need help answering questions 1-4 with the a,b, & c questions as well. o AT&T;

Question

I need help answering questions 1-4 with the a,b, & c questions as well. o AT&T; LTE 5:11 PM ESSAY HELP: all questions must be assumed that the economy 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 100 points

Explanation / Answer

1. all will get more income

2. the expenses and costs for all the firms will increase

3. the consumers who do not getting minimum wages, now they may get little more income. but their spending capacity may not increase

4. the economy will be in better position only

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