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  • In a management situation, how might you use the demand equations to manage your business? Provide real examples if you identify where you have already used these.

  • What information, other than price, might be important in managing your business when trying to estimate demand equations?

  • Government intervention is also examined in this unit. How might government intervention in the labor market impact a company’s production decisions? For instance, as of July 2009, the federal minimum wage is $7.25 an hour. If the government decided to increase minimum wage to $8.00 an hour, how might a company respond? Do you think it matters if the company if a small company or a large company? What factors do you think play a role in the company’s decision when responding to government interventions?

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