1. What is one advantage and one disadvantage of increasing the minimum wage? 2. What is the impact on an average small business if the minimum wage is increased? 3. Do you agree or disagree with the comparable wort advocates' perspective on the gender wage gap? 4. Should companies make their pay systems entirely transparent? Why or Why not?

1. What is one advantage and one disadvantage of increasing the minimum wage? 2. What is the impact on an average small business if the minimum wage is increased? 3. Do you agree or disagree with the comparable wort advocates' perspective on the gender wage gap? 4. Should companies make their pay systems entirely transparent? Why or Why not?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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vi What is a minimum wage? Explain why it may fail to help the poor households in an economy.
not use ai please
1. If you worked for a union, would you accept higher wages if it meant others would be laid off? Why or why not? 2. Draw a picture of the backward bending supply curve. Make it your individual supply curve with wages you would accept and the time you would be willing to work. Have at least five points that connect together to make a curve. Your curve can be drawn, or you can use excel to create a chart.
Over time, the gap between the wages of workers with a college degree and the wages of workers without a college degree has been increasing. Shouldn't this gap have increased the incentive for workers to earn a college degree, thereby increasing the supply of college-educated workers and reducing the size of the gap? This wage gap may have not been reduced because A. the demand for college-educated workers has increased more slowly than the supply of college-educated workers. B. a college education is only a signal of desirable worker characteristics and does not change wages. C. the demand for workers without a college degree has been increasing due to globalization. D. the supply for workers without a college degree has been decreasing due to immigration. E. both a and b. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
2. On the diagram below draw in a Supply Curse for Labor (nurses) and the Demand Curve for Nurses. Where the two lines intersect we call the equilibrium wage, which we will just say is something like $30 per hour. Let's say the government thinks the wage of $30 per hour is TOO LOW for nurses in the United States, so the make a law requiring nursing wages to be AT LEAST $45 an hour. Draw that line in at the $45 dollar and hour wage rate. What do you think will happen on this diagram in the short run, and eventually in the long run?
47. What will happen to employment if the government sets a minimum wage at $140? (a) Employment will decrease to 15. (b) Employment will increase to 25. (c) It will have no impact on employment (d) None of the above
36 33 30 27 24 21 18 15 12 9. 3 1 3 4 7 8 9 10 11 12 Click to see additional instructions A. What are the x-axis and y-axis variables? Write the budget constraint in terms of these variables. This Individual can work up to 9 hours at the wage $ 12 This individual's full income is $ 108 B. In one short sentence explain why this person is a participant or not. If the union charges $3 for membership, this person's non-labour income will be Suppose in addition to the membership fee, joining the union gives a $1 increase in the wage. C. Accurately draw the new budget constraint on the two graphs provided. D. On the first graph, add a preference map such that the person is better off joining the union. On the second graph, add a preference map such that the person is worse off joining the union.
Taco King produces tacos. The market for tacos is perfectly competitive, and the price is $2.00 a taco. The labor market is competitive, and the wage rate is $16.00 a day. The table shows part of the workers' total product schedule. If the price rises to $4.00 a taco, how many workers will Taco King hire? de in 5 % Taco King will hire 6 9 workers. M & 7 ||| 8 O Workers 2 3 4 5 6 # Tacos per day 20 32 42 50 54 Next mpt tact Us M
Graph Minimum Wage and show the winners and losers. Who benefits and who is harmed by Minimum wage?
B. Why is the price elasticity of supply different for low mobility workers and high mobility workers? C. In proving that there are earnings differentials caused
5. Minimum-wage laws and unemployment Consider the market for labor depicted by the demand and supply curves that follow. Use the calculator to help you answer the following questions. You will not be graded on any changes you make to the calculator. 0125250375500625750875100020.017.515.012.510.07.55.02.50WAGE (Dollars per hour)LABOR (Thousands of workers)Demand Supply Graph Input Tool Market for Labor Wage (Dollars per hour) Labor Demanded (Thousands of workers) Labor Supplied (Thousands of workers) Complete the following table with the quantity of labor supplied and demanded if the wage is set at $7.50. Then indicate whether this wage will result in a shortage or a surplus. Hint: Be sure to pay attention to the units used on the graph and in the table. For example, type in 100 for 100,000 workers. Wage Labor Demanded Labor Supplied Shortage or Surplus? (Thousands of workers) (Thousands of workers)…
4. A rise of the minimum wage is least likely to diminish welfare if:A. the minimum wage is close to the median wageB. unskilled labor is relatively abundantC. firms can easily alter the workforce compositionD. the demand for labor is inelastic, i.e. does not change much with the wage