variants/969445/take/13/ The minimum wage jumps from the current $7.25/hour to $15.00/hour. This has the effect of causing a shift in demand for restaurant dinners. Eventually, a large number of entre- preneurs see this demand and enter the restaurant business, creating a shift in supply. Using the graph outlines provided below, mark label the following: 1. Initial demand (D1), initial supply (S1) and initial equilibrium (E1). 2. The shift in demand (D2) and corresponding new equilibrium (E2). 3. The shift in supply (S2) and the corresponding new equilibrium (E3). Use arrows to show the direction of the supply and demand curve shifts from D1 to D2, and from $1 to $2. 2 ooo T PENCIL THIN V Price of Dinners BLACK Supply and Demand for Restaurant Dinners Quantity Demanded

variants/969445/take/13/ The minimum wage jumps from the current $7.25/hour to $15.00/hour. This has the effect of causing a shift in demand for restaurant dinners. Eventually, a large number of entre- preneurs see this demand and enter the restaurant business, creating a shift in supply. Using the graph outlines provided below, mark label the following: 1. Initial demand (D1), initial supply (S1) and initial equilibrium (E1). 2. The shift in demand (D2) and corresponding new equilibrium (E2). 3. The shift in supply (S2) and the corresponding new equilibrium (E3). Use arrows to show the direction of the supply and demand curve shifts from D1 to D2, and from $1 to $2. 2 ooo T PENCIL THIN V Price of Dinners BLACK Supply and Demand for Restaurant Dinners Quantity Demanded

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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