Explain whether each of the following events will increase, decrease, or have no effect on longrun aggregate supply. The United States experiences a wave of immigration.Congress raises the minimum wage to $15 per hour.Intel invents a new and more powerful computer chip.A severe hurricane damages factories along the East Coast.Explain whether each of the following events shifts the short-run aggregate-supply curve, the aggregate-demand curve, both, or neither. For each event that does shift a curve, note the direction. Households decide to save a larger share of their income.Florida orange groves suffer a prolonged period of below-freezing temperatures.Increased job opportunities overseas cause many people to leave the country.A pandemic causes 500,000 deaths and millions infected.

The curve that depicts the quantities that are being supplied by producers at different levels of price is known as the supply curve. Note: Due to multiple questions being posted, the first question has been answered as per the guidelines. Please repost the remaining questions to be answered separately.1. A wave of immigration being experienced by the United States, there would be an increase in labor availability. This would cause an increase in the long-run aggregate supply curve. Raising of minimum wages by congress to $15 per hour the industries would tend to cut short the workers being employed which would result in low levels of production. This would cause a decrease in the long-run aggregate supply curve. New and powerful chips of computers invented by Intel would result in better resource utilization, a high level of accuracy, and zero level of wastage. This would cause a rise in levels of production as more goods would in turn be produced in much less time. This would cause an increase in the long-run aggregate supply curve. The occurrence of hurricanes leading to facilities of disruption would tend to affect the entire chain of supply. This would cause a decrease in the long-run aggregate supply curve.

Answered: Explain whether each of the following…

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

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Explain whether each of the following events will increase, decrease, or have no effect on longrun aggregate supply.
- The United States experiences a wave of immigration.
- Congress raises the minimum wage to $15 per hour.
- Intel invents a new and more powerful computer chip.
- A severe hurricane damages factories along the East Coast.
Explain whether each of the following events shifts the short-run aggregate-supply curve, the aggregate-demand curve, both, or neither. For each event that does shift a curve, note the direction.
- Households decide to save a larger share of their income.
- Florida orange groves suffer a prolonged period of below-freezing temperatures.
- Increased job opportunities overseas cause many people to leave the country.
- A pandemic causes 500,000 deaths and millions infected.

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