Q: Workers at a bicycle assembly plant currently earn the mandatory minimum wage. If the government…
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A: A minimum wage is the lowest wage per hour that a worker can be paid under federal law. Non-exempt…
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A: The following graph demonstrates the situation if the minimum wage is set above the equilibrium.
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A: we know when supply decreases quantity decreases and wages increases , we can explain as follow
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A:
Q: Explain, who is helped and who is hurt by a minimum wage? Justify your reasoning.
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Q: Illustrate and explain the impact of minimum wage on the labor market.
A: Equilibrium is achieved in the market where labour supplied equals labour demanded at that wage.
Q: Give reasons why there should be no minimum wage laws
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Q: How many states have increased their minimum wage since 2009?
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Q: $30 a week boost to minimum wage The government increased the minimum wage by $30 a week to $570 a…
A: Minimum wage is a price floor that sets the minimum limit on the price level.
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A: There is a proposal to double the wage in an hour. the rise would be phased in over several years.…
Q: should the federal government raise the minimum wage? Explain
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Q: If the minimum wage is set above the equilibrium wage, the quantity of labor supplied by workers is…
A: If the minimum wage is set up the equilibrium wage, it implies that the minimum wage is binding.
Q: Are minimum wage laws efficient? Why or why not?
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Q: The minimum wage has its greatest impact on the market for teenage labor. Oa. True Ob. False
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Q: What are the pros and cons of increasing the minimum wage
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Q: $30 a week boost to minimum wage The government increased the minimum wage by $30 a week to $570 a…
A: Minimum wage is a price floor that sets the minimum limit on the price level.
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A: The aforementioned given statement can be used to draw the labor market graph as follows:
Q: Which of the following is the most likely outcome of minimum wage laws? an increase in both the…
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Q: Would consumers have to pay the price for increasing minimum wage?
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Q: Explain the challenges of an increasing minimum wage for an economy
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Q: $30 a week boost to minimum wage The government increased the minimum wage by $30 a week to $570 a…
A: Please find the answer below. SKILLED LABOUR: Skilled labour refers to highly trained, educated,…
Q: what is effect of the price ceiling in economics give only two effect.
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Q: How much is the decrease in consumer's surplus as a result of Quota?
A: Consumer surplus is calculated by CS = 1/2 ( base) (hight)
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- What are the pros and cons of increasing the minimum wageWould consumers have to pay the price for increasing minimum wage?Draw a supply-demand diagram representing the impact of a minimum wage in the labor market. What does economic theory predict about the change in employment with the introduction of or increase in a minimum wage? How does the prediction above vary with elasticity of labor supply and labor demand?
- By use of a graph how is an increase in minimum wage shown?The minimum wage originally was only 25 cents an hour. Today it is $7.25 an hour. Assume that Congress is considering raising the minimum wage again and your U.S. representative is asking for public opinion on this issue. Write a letter to your representative with arguments for and against a higher minimum wage.should the federal government raise the minimum wage? Explain
- Will consumers benefit with the price floor?Click on the icon to read the news clip, then complete the following steps. The graph shows the market for fast-food workers. Draw a point to show the wage rate and the number of fast-food workers employed if the minimum wage is: 1) $13.00 an hour. Label the point 1. 2) $15.00 an hour. Label the point 2. In the graph, at a minimum wage of $15.00 an hour. wage of $13.00 an hour OA. some workers are unemployed; no one is unemployed and firms have all the workers they want OB. some workers are unemployed; firms cannot hire as many workers as they want ; and at a minimum OC. firms cannot hire as many workers as they want; no one is unemployed and firms have all the workers they want D. no one is unemployed and firms have all the workers they want; some workers are unemployed M 16.00 15.00- 14.00- 13.00- 12.00- 11.00- 10.00- Wage rate (dollars per hour) 50 A S 100 150 200 250 300 350 Quantity (thousands of workers) >>> Draw only the objects specified in the question. Next$30 a week boost to minimum wage The government increased the minimum wage by $30 a week to $570 a week. Unions wanted a $35 a week increase, but employers argued that a $35 a week. increase was unaffordable. Source: ABC Australia, February 11, 2011 The graph shows a market for low-skilled labor. If the minimum wage is set at $570 a week, If the minimum wage is set at $540 a week, OA. some people who want a job can't get one; everyone who wants a job has one B. firms cannot hire all the labor they want; everyone who wants a job has one OC. everyone who wants a job has one; firms cannot hire all the labor they want OD. everyone who wants a job has one; some people who want a job can't get one 590- 580- 570- 560- 550 540- 530- 520- 510+ 9.8 Wage rate (dollars per week) A D 9.9 10.1 10 Quantity (millions of hours per year) S 10.2 Next Q Q G