Please answer the following questions in paragraph form: 1. In 1950, a phone call at a pay phone cost 5 cents and a first-class stamp cost 3 cents. Today, those prices are 50 cents and 44 cents respectively. What has happened to the price of each good relative to the other? What has happened to the price of each good relative to all other goods? 2. Suppose that the market for coffee is in equilibrium at a price of $2.25 per pound and a monthly quantity of 50 million pounds. After a cold winter in South American, people know that the supply of coffee months from now will be sharply reduced. What, if anything, will happen in the coffee market now? Explain. 3. A school district received 750 applications for 10 new openings. What does this tell you about the wages offered for this position in relation to the equilibrium wage? Explain. 4. Many cities states are either raising minimum wage to more than double the national minimum or are considering doing do. Explain the positives of raising the minimum wage and also explain the potential drawbacks, including an explanation of the possible effects on unemployment. Explain.