Question: chick-fil-a’s “eat mor chikin” campaign features three cows holding signs that say things like “save the cows, eat more chikin! ”
a) if consumers ate more chicken and less beef, what would happen to the price of chicken and why? illustrate your answer with the supply and demand curves for chicken.
b) if consumers ate more chicken and less beef, what would happen to the price of beef and the quantity of beef supplied? w
2) what effect does establishing a minimum wage have on the market for unskilled labor? illustrate your answer showing clearly (marked in red) what happens to employment of low skilled workers.
3) given your answer to (2) above, what would you expect will happen to the demand for self-check-out kiosks when the minimum wage increases? explain and illustrate.
4) how will free international trade affect people’s standard of living and why?