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For each part below, carefully draw the appropriate diagram(s) that capture the situation described. Explain how your diagram appropriately represents the situation. Assume the pie bakery described below uses a fixed amount of capital inputs.
a) Initially, a pie bakery operating in a perfectly competitive market is producing pies but reporting zero profits.
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b) An excise tax is applied to pies and now the bakery reports negative profits but still remains in business.
c) Workers at this bakery accept a pay cut of $28 per week to help ensure the company would stay in business. Diagram and explain how a cut in wages may improve the firm's economic position
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