ANSWER - : In the given context its basically about wage which is determined by the free market is too low for people to get buy, actually the core idea here is to think about the efforts locally to raise the minimum wage.
As per given problem Washington state approves a minimum wage of $13.50 dollar per hour to be phased over a period of year.
And in another context, the city of seatac voted upto a minimum wage of $ 15 dollar an hour.
So they actually want to shift the wage upto minimum a threshold limits to survive, so that's people buy in free market and its upto or greater than threshold limit.
PLEASE READ - EPISODE 18 MINUTES IS NOT OPEN AFTER I CLICK ON ANSWER TO THAT QUESTION, EVEN THE LINK IS NOT OPEN.
SO THAT'S WHY THE REASON IAM UNABLE TO ANALYSE THE GIVEN QIESTION WHICH IS BASICALLY BASED ON THAT EPISODE 18.
THANKS
please listen it on google. Birth of the Minimum Wage 10 pts Last week, we are...
6) (10 pts) Some businesses have bemoaned the high minimum wage saying they can't afford to pay workers such high wages. One business owner said, "No business owner should have to let the government decide how to run their business." Assume the unemployment rate is extremely low at the Federal minimum wage of $7.25; there is no "extra" or surplus labor in the economy. In fact, employers are claiming they can't find workers to fill positions. (Zero unemployment is unachievable...
3. In 1996, Congress raised the minimum wage from $4.25 per hour to $5.15 per hour, and then raised it again in 2007. Some people suggested that a government subsidy could help employers finance the higher wage. This exercise examines the economics of a minimum wage and wage subsidies. Suppose the supply of low-skilled labor is given by LS = 10w, where LS is the quantity of low-skilled labor, and w is the wage rate. The demand for labor is...
Slide 18: You have a firm that makes pizza. Minimum wage is $10 and the wage budget per hour is $50 total. The government raises minimum wage to $15 per hour and your Wage budget remains unchanged. On a graph show what happens to the demand for labor. Next on a supply and demand curve show what happens to your product's price and output. (2 graphs) Slide 19: Your firm would like to buy a new pizza oven. Your revenue...
.t 17) Suppose the minimum wage is $4 per hour, and 1,100 correct statement. the minimum wage to $6 per hour, and 900 units are now hired. Choose the units of labour are hired. Then the A) Total wages paid to workers has fallen. B) The quantity of labour supplied is greater at the higher minimum wage C) The price elasticity of demand for labour is 0.5 D) There is unemployment in this labour market E) all of the above...
Number 6 please
tax a. What is b. What is 102 Part 1 Basic Concepts c. Find the value of producer surplus received by dive shops. (Hint: It may help to draw a sold beef c. How much graph.) vices increases, and that the new demand is given by Q-7,000-20P. Calculate the impact of this change in demand on the values you calcu- gain? d. What is the l e. The president d. Suppose that the demand for scuba diving...
4. (10 pts) One of the first models we learned this quarter was the Circular Flow Model. Please repro- duce the circular flow model below and label the four major economic agents. Also separate your model into the three parts that clearly represent where the (1) production, (2) distribution, and (3) consumption all occur. Using your model, clearly explain how it shows the two approaches to calcu- lating GDP. Label these two approaches clearly and distinctly on your model. 5....
Please show step by step on how the calculations are made: Thank
you.
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A firm's labor demand and labor supply equations are shown below. Labor demand equation: Ld = 50 – 4w Labor supply equation: Ls=-20 + 3w, where w is the wage per hour worked, Ld is the number of workers demanded by firms, and Ls...
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FART I TRUE FALSE QUESTIONS (10 points). Please write True (1) or False (F) on the blank Scarcity is the intimited nature of society's resources given society's limited wants 2. A reward is a type of positive incentive. 3. To remove difficulty of double coincidence of wants we use money. 4. An exogenous factor is a variable that can be controlled for inside the model. 5. The PPF will not have a constant slope. 6. The law of demand states...
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