Suppose that the president proposes a new law aimed at reducing healthcare costs: All Americans are required

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Suppose that the president proposes a new law aimed at reducing healthcare costs: All Americans are required to eat one apple daily.

a. How would this apple-a-day law affect the demand and equilibrium price of apples?

b. How would the law affect the marginal product and the value of the marginal product of apple pickers?

c. How would the law affect the demand and equilibrium wage for apple pickers?

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Principles of economics

ISBN: 978-0538453042

6th Edition

Authors: N. Gregory Mankiw

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Question Posted: Dec 14, 2012 07:23 AM

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Suppose that the president proposes a new law aimed at reducing healthcare costs: All Americans are required

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a The law requiring people to eat one apple a day increases the demand for apples A...View the full answer

Principles of economics

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