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10. Why does the government not set a minimum wage for corporate lawyers and airline pilots?

10. Why does the government not set a minimum wage for corporate lawyers and airline pilots?

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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10. Why does the government not set a minimum wage for corporate lawyers and airline pilots? 11. If the rate of inflation is 10 percent higher than expected, and -(elasticity of labor demand) is 5, what will happen to the employment level in jobs that pay the minimum wage? 12. What happens to the rate of unemployment of minimum wage workers if the rate of inflation is lower than expected? 16. Why isn't an increase in the minimum wage just a redistribution from firms to workers? 17. A politician is in favor of getting rid of the minimum wage entirely. How would you argue against that proposal?
Transcribed Image Text:10. Why does the government not set a minimum wage for corporate lawyers and airline pilots? 11. If the rate of inflation is 10 percent higher than expected, and -(elasticity of labor demand) is 5, what will happen to the employment level in jobs that pay the minimum wage? 12. What happens to the rate of unemployment of minimum wage workers if the rate of inflation is lower than expected? 16. Why isn't an increase in the minimum wage just a redistribution from firms to workers? 17. A politician is in favor of getting rid of the minimum wage entirely. How would you argue against that proposal?
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