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Hi there - could you please help me with the below questions: 1 Explain, with the aid of a graph, the effect of an increase
Hi there - could you please help me with the below questions:
- 1 Explain, with the aid of a graph, the effect of an increase in income on the
equilibrium price and quantity of wine if wine is a normal good.
1.2 Using your own example/scenario, explain the backwardbending supply curve of
labour.
1.3 Explain the impact on the equilibrium wage rate and the equilibrium level of
employment if the number of employers in the market decreases.
(Note: No graph required.)
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