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Category > Accounting Posted 25 Apr 2017 My Price 3.00

The Price of Tattoos

The Price of Tattoos

According to a market expert, tattooing in your city is a constant-cost industry. The initial equilibrium price is $24.

a. Arrows up or down: In the long run the wage of tattoo artists______ as industry output increases.

b. If the demand for tattoos doubles and stays at the higher level for three years, the price of tattoos three years from now will be $ _________.

c. Show the change in (b) using a supply-demand graph.

 

 

Answers

Alpha Geek
(8)
Status NEW Posted 25 Apr 2017 09:04 AM My Price 3.00

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file 1493111808-Answer.docx preview (166 words )
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