Assume that the minimum wage in illinois is increased, Business Economics

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Assume that the minimum wage in illinois is increased

Assume that the minimum wage in Illinois is increased. Carefully explain what will happen to the market for McDonald's Quarter Pounders. What do you believe will happen to consumer and producer surplus? Explain. ((Consumer surplus= 1/2(4x5)=10 Producer surplus= 1/2(5x5)=12.5 ))

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Business Economics: Assume that the minimum wage in illinois is increased

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