Question: Please answer the following question PART 2: Indicate the effects of each of the following policies on the short-run and long run equilibrium price, profits

Please answer the following question

Please answer the following question PART 2: Indicate the effects of each

PART 2: Indicate the effects of each of the following policies on the short-run and long run equilibrium price, profits and # of nightly hotel stays sold in Seattle. Assume the hotel services market is perfectly competitive, the market is in a long-run equilibrium before each change occurs and hotel stays are a normal good. Also assume ceteris paribus for each policy. Note: there are 8 questions to answer here .. browse right to see all of them! Please use the following notation: + the variable increases - the variable decreases 0 the variable does not change A the variable change is ambiguous (i.e. it may rise, fall, or stay the same) SHORT RUN LONG RUN Nightly room Price Hotel Profit Nightly room Price # of Hotel nights sold C. An increase in Seattle's minimum wage for hotel workers. D. A reduction in airline prices from all locations with a Seattle destination

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