What is the federal minimum wage? Why hasn’t it gone up since 2009? What is the minimum wage in your town? Is it enough to support a family?
--->Federal minimum wage is the lowest lowest per hour that a worker may be paid, as mandated by federal law. It is a legally mandated price floor on hourly wages, below which workers may not be offered or accept a job. The federal minimum wage was raised to $7.25 per hour in 2009, an increase from $6.55 per hour in 2008, which was itself an increase from $5.85 per hour set in 2007.
---> The federal minimum wage of $7.25 per hour has not changed since 2009. Increasing minimum wage pushes low paid workers and their dependants into dire poverty due to loss of livelihood as companies recruit less workers due to high wages. For example, minimum wage in Texas is $7.25.
What is the federal minimum wage? Why hasn’t it gone up since 2009? What is the...
Do you favor raising the federal minimum wage to $10.00 per hour? Explain why or why not. What are the factors you would consider in making this decision? Why do 29 states elect to increase their minimum wage higher than the federal minimum wage?
Should the Federal Government raise the minimum wage? Why? Provide supporting documentation for your answer.) Follow APA style for in-text citations and references listed in your paragraph (all answers to postings must include source documentation
A case study in chapter 6 discusses the federal minimum-wage law. Suppose the minimum wage is above the equilibrium wage in the market for unskilled labor. Using a supply-and-demand diagram of the market for unskilled labor, show the market wage, the number of workers who are employed, and the number of workers who are unemployed. Also show the total wage payments to unskilled workers. Now suppose the secretary of labor proposes a decrease in the minimum wage (with the lower...
Real Value of the Federal Minimum Wage, 1938-2012 Nominal Minmum Wage by Lew Part III: Longer Answer Question (8 pt.) Answer ONLY in the space provided, anything outside of the space provided will not be graded. S1O In the U.S., most of the minimum-wage workers are in the restaurant industry. California Restaurant Association (CRA) has been consistently against minimum wage increases and argues that minimum wage increases rarely improve the $8 s6 $4 $2 hardworking non-tipped employees!. Please use the...
should Congress increase the minimum wage? To what level and why or why not? Discuss what effects raising the minimum wage would have on workers, small businesses, and the economy in general
1) Suppose the Federal current minimum wage, $7.50 per hour, is above the equilibrium wage in the market for unskilled labor. and that the equilibrium wage in this market is $7.25/hr. Draw a supply and demand diagram showing this market for unskilled labor. Label the price axis (“Wage/Hour”), the quantity of unskilled labor axis (“Quantity”), the demand curve (“D0”), the supply curve (“S0”), the equilibrium wage ($7.25/ hr), and the equilibrium quantity (“Q0”). 2) On the same diagram, show the...
Problem 16-02 Refer to the minimum wage history data in the table below: Oct. 1938 $0.25 Jan. 1978 $2.65 Oct. 1939 0.30 Jan. 1979 2.90 Oct. 1945 0.40 Jan. 1980 3.10 Jan. 1950 0.75 Jan. 1981 3.35 Mar. 1956 1.00 Apr. 1990 3.80 Sept. 1961 1.15 Apr. 1991 4.25 Sept. 1963 1.25 Oct. 1996 4.75 Feb. 1967 1.40 Sept. 1997 5.15 Feb. 1968 1.60 July 2007 5.85 May. 1974 2.00 July 2008 6.55 Jan. 1975 2.10 July 2009 7.25 Jan....
The federal minimum wage has remained frozen for the past three years at $7.25 an hour, while the prices of gas and milk have risen steadily. Over this three-year period, the real value of the minimum wage has fallen to $6.77 per hour. By what percentage did the CPI increase over these three years?
What do you think the likely outcome will be with a higher minimum wage? Why do people work for minimum wage?
Recently, the Federal Minimum Wage is set at $7.25 per hour. 1. Suppose the market for unskilled labor is currently in equilibrium and that the equilibrium wage in this market is $7.25/hr. Draw a supply and demand diagram showing this market for unskilled labor. Label the price axis (“Wage/Hour”), the quantity of unskilled labor axis (“Quantity”), the demand curve (“D0”), the supply curve (“S0”), the equilibrium wage ($7.25/ hr), and the equilibrium quantity (“Q0”). 2. On the same diagram, show...