Explain the marginal benefits and marginal costs that the pet store would incur if it implemented the discount.

Activity Instructions
Read the following scenarios and complete the corresponding questions. Please remember to answer in complete and grammatically correct sentences. I am looking for your thought process in the answers to the questions, so be complete in your answers and use the opportunity to clearly demonstrate your newly acquired knowledge.
Scenario 1 (Length: As needed)
Consider the market for corn in the United States. Suppose that the mandated percentage of ethanol in gasoline is increased and at the same time a corn blight destroys a significant portion of the corn crop.
Using a supply and demand diagram, show what happens to the equilibrium quantity and price of corn in the United States.
Explain why you are moving the curve(s) that you are?
Using a supply and demand diagram, show how the changes in the corn market would affect the market for wheat (a substitute for corn).
Scenario 2 (Length: One paragraph)
Review the following resources:
https://fred.stlouisfed.org/series/SPCS20RSA?cid=32261
https://fred.stlouisfed.org/series/HSN1F
During the housing crash in 2008, housing prices fell, and the number of new houses sold in the United States also fell. The link to “New One Family Houses Sold” does not include existing house sales, but assume that existing house sales fell as well. Using the supply and demand analysis described in the text starting on page 103 (section 8.6), would the observations of the housing market be explained by a shift of the demand curve, the supply curve, or both? Would the demand and supply increase, decrease or remain the same?
Scenario 3 (Length: One page)
A pet store is considering adding an employee discount of 25% off anything in the store to the benefits the employees already receive.
Consider this incentive through the lens of the indifference principle and compensating wage differentials. What are the long-run implications of adding this benefit to the wages that its employees receive?
What would happen to the type of applicants that the pet store attracts? How might that affect the customers and customer service?
Explain the marginal benefits and marginal costs that the pet store would incur if it implemented the discount.
Tips for Success
In the second scenario, it is likely that both the demand and supply curve shifted. But based on the price and quantity changes, which curve shifted the most? Why can you say that?
In the third scenario, make sure you answer what happens to the wages that the pet store can offer in the long run.

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