1201 principles of microeconomics supply and demand A+ Writers | apluswriters.net

Instructions

Your answers should include proper graphs, diagrams and figures. These will really aid in your solutions.

  1. Use a supply-and-demand diagram to illustrate the effects of a sales tax on the sellers of a product.
  2. What situation would be expected in a labour market in which the government imposes a binding minimum-wage law?
  3. Farmers have a relatively inelastic demand for their crops. Suppose there is an unusually large harvest in a particular year. How would you expect this to affect the incomes of the farmers?

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