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1) Based on these numbers how many employees should be used? (Wage/MRC = $15, Price = $3) # of employees Output MPL MRP 1 50 2 60 66 4 71 A) Show what this would look like graphically with MRP & wage (MRC). Then show what would happen if the wage increased. B) Some politicians have stated that they would be in favor of raising the minimum wage to $15 per hour. What would happen to the wage that some workers would make, and what would happen to the unemployment rate?

1) Based on these numbers how many employees should be used? (Wage/MRC = $15, Price = $3) # of employees Output MPL MRP 1 50 2 60 66 4 71 A) Show what this would look like graphically with MRP & wage (MRC). Then show what would happen if the wage increased. B) Some politicians have stated that they would be in favor of raising the minimum wage to $15 per hour. What would happen to the wage that some workers would make, and what would happen to the unemployment rate?

Microeconomics: Principles & Policy
Microeconomics: Principles & Policy
14th Edition
ISBN:9781337794992
Author:William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:William J. Baumol, Alan S. Blinder, John L. Solow
Chapter8: Output, Price, And Profit: The Importance Of Marginal Analysis
Section8.A: Appendix The Relationships Among Total, Average, And Marginal Data
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How many employees to use (MRP, MPL, Wage, MRC Questions) 1) Based on these numbers how many employees should be used? (Wage/MRC = $15, Price = $3) # of employees Output MPL MRP 1 50 2 60 3 66 4 71 A) Show what this would look like graphically with MRP & wage (MRC). Then show what would happen if the wage increased. B) Some politicians have stated that they would be in favor of raising the minimum wage to $15 per hour. What would happen to the wage that some workers would make, and what would happen to the unemployment rate?
Transcribed Image Text:How many employees to use (MRP, MPL, Wage, MRC Questions) 1) Based on these numbers how many employees should be used? (Wage/MRC = $15, Price = $3) # of employees Output MPL MRP 1 50 2 60 3 66 4 71 A) Show what this would look like graphically with MRP & wage (MRC). Then show what would happen if the wage increased. B) Some politicians have stated that they would be in favor of raising the minimum wage to $15 per hour. What would happen to the wage that some workers would make, and what would happen to the unemployment rate?
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