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.