Question

1. Chick-fil-A's "eat Mor Chikin" campaign features three cows holding signs that say things like "Save the Cows, eat more Chikin!" a. If consumers ate more chicken and less beef, what would happen to the price of chicken and why? Illustrate your answer with the supply and demand curves for chicken. b. If consumers ate more chicken and less beef, what would happen to the price of BEEF and the quantity of beef supplied? W 2. What effect does establishing a minimum wage have on the market for unskilled labor? Illustrate your answer showing clearly (marked in RED) what happens to employment of low skilled workers. 3. Given your answer to (2) above, what would you expect will happen to the demand for self- check-out kiosks when the minimum wage increases? Explain and illustrate. 4. How will free international trade affect people's standard of living AND WHY?

Answer 1

This will increase became of the high the price of the Chicken demand of Chicken. Price Supply New Demand Demand Quantity of Chicken رطي The demand Curve of Chicken Shifts right wand due to the habit of the eating more of Chicken This will decrease the price of beef because of me the less demand of beef and duantity Supplied of the beef will also decrease as sellers will it hard to find the buyer of beef Q Establishing the minimum wages will make it hand for the unokilled labor to find the Job. As unskilled labors has less skills as compone to the skilled labors, therefore, people will prefer the skilled labor ovn unskilled labor if they have to pay the minimum wage. As a result, the unemployment rate of low skilled workers will increase

Date Date (3.) The demand for self check-out Kiosks will Increase due to the increase in the minimum wages, As employer will have to pay more wages as compare to what they were paying earlier. (4) free international trade will increase the people's stand and of living becaune they can trade with Countries without facing any trade barnies such as tanints and license.