Wage rate(dollars perhour) Labor supplied(millions ofworkers…

Wage rate(dollars perhour) Labor supplied(millions ofworkers) Labor demanded (millions of workers 7 6 4 6 5 5 5 4 6 4 3 7 3 2 8 In the table above, the market is in equilibrium. Then a minimum wage is set at $7 per hour. The number of unemployed workers will be

Price elasticity of supply Price elasticity of demand Hamb…

Price elasticity of supply Price elasticity of demand Hamburgers 1.2 1.8 French fries 1.7 1.4 Pizza 2.0 1.2 Ice cream 1.5 1.6 You are in the business of producing and selling hamburgers, french fries, pizza, and ice cream. The mayor plans to impose a tax on one of these products. Based on the elasticities in the above table, as a profit-minded business person who seeks to avoid taxes whenever possible, which good would you least like to have taxed?