increase in the total income of Its membership? 2. In an industry where capital and labor are easily substitutable, is the elasticity of demand likely to be relatively inelastic or elastic? Explain carefully. 3. Briefly explore the potential impact of the following on the wage elasticity of demand for labor - be aware some programs may not impact the wage elasticity of demand for labor while for other programs the impact may be unclear. Explain .carefully . a. a law making it illegal to lay off workers for economic reasons b. an increase in wages paid by employers in the steel industry c. a tax on each ton of steel produced d. a decision by owners of steel mills to operate each mill longer than has been the practice in the past - postpone mill updates to the production process