What would happen to prices in market equilibrium

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Reference no: EM131387959

1- Suppose you can hire 10 workers for $12 each, but to hire the 1 worker you will have to pay all your workers $15 each. What is marginal cost of hiring the 11th worker.

2- in these two cases , you can use any example

a) explain what would happen to prices in a market equilibrium if there is an increase in the demand for a product give an example of a real life situation

b) explain what would happen to prices in a market equilibrium if there is an increase in the supply for a product give an example of a real life situation.

Reference no: EM131387959

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