The price of tattoos according to a market expert tattooing


The Price of Tattoos. According to a market expert, tattooing in your city is a constant-cost industry. The initial equilibrium price is $24.

a. Arrows up or down: In the long run the wage of tattoo artists______ as industry output increases.

b. If the demand for tattoos doubles and stays at the higher level for three years, the price of tattoos three years from now will be $ _________.

c. Show the change in (b) using a supply-demand graph.

Request for Solution File

Ask an Expert for Answer!!
Econometrics: The price of tattoos according to a market expert tattooing
Reference No:- TGS01523920

Expected delivery within 24 Hours