Suppose a country is experiencing an annual inflation rate of 5%. The average cost of production for a specific industry has increased by 8% over the same period. The government has also introduced a new tariff on imported goods, resulting in an increase of 10% in the prices of those goods. Additionally, a new taxation policy has been implemented, leading to an overall tax rate of 15% on the industry's profits. If the cost of Medicare for the industry's employees has risen by 3%, calculate the total cost increase that the industry is facing due to these factors.

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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Suppose a country is experiencing an annual inflation rate of 5%. The average cost of production for a specific industry has increased by 8% over the same period. The government has also introduced a new tariff on imported goods, resulting in an increase of 10% in the prices of those goods. Additionally, a new taxation policy has been implemented, leading to an overall tax rate of 15% on the industry's profits. If the cost of Medicare for the industry's employees has risen by 3%, calculate the total cost increase that the industry is facing due to these factors. 

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