a) Suppose the demand for running shoes increases (perhaps because of a study showing positive health effects
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Question:
a) Suppose the demand for running shoes increases (perhaps because of a study showing positive health effects of running). What is likely to happen in the labor market for shoe-workers? Show in a graph and explain.
b) Suppose the price of rubber used in making running shoes increases. What factors will determine how responsive the demand for rubber (input demand) is to the increase in price? Explain.
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