1.8 Explain how the following events would affect the cost curves in the graph from the previous question.

a. Hourly wages for employees increase.

b. The company signs a new three-year contract with its landlord, which lowers its monthly rent by 10 percent.

c. The company employs a new technology, which lowers its utility costs.

d. The company receives notice of a 5 percent increase in its property insurance rate.

e. The company’s primary supplier of resources implements a 3 percent price increase for all of its supplies.