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' Consider the market for restaurant meals. a. Labor is obviously an important input into the production of restaurant meals. How would a rise in

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' Consider the market for restaurant meals. a. Labor is obviously an important input into the production of restaurant meals. How would a rise in the wages of cooks and servers likely affect the equilibrium price and quantity of restaurant meals? b. If the demand for restaurant meals is quite elastic, how would the rise in the wages of workers in the industry affect the total expenditure of households on restaurant meals

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