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iPad 8:54 PM courses.aplia.com Chapter 15 Enzyme Reg sli... Amazon Sign In Aplia: Student Question Graded Assignment | Read Chapter 18 | Back to Assignment Due Sunday 12.10 Attempts: 5. Problems and Applications Q1 Suppose that the president proposes a new law aimed at reducing healthcare costs: All Americans are required to eat one apple daily. Average: I1 Indicate how this apple-a-day law wounld affect each of the following market components Increase Decrease No Chang Demand for apples Equilibrium price of apples Marginal product of apple pickers Value of the marginal product of apple pickers Demand for apple pickers Wage of apple pickers Grade It Now Save & Coc Continue with Copyright Notices Terms of Use acy Notice Security NoticeAccessibility

Explanation / Answer

All the given components would see an increase because of newly introduced law. Law would make people demand more apples and because overnight apples' quantity can't be increased in the market which will lead to a higher price for apple. Apple pickers would now pick more apples which will lead to increase in the marginal product of apple picker and consequently the value of the marginal product of apple picker would also increase. Higher demand for apples would lead to higher demand for apple pickers and therefore, the wages will go up.

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