Bill raising federal minimum wage to $15 heads to U.S. House floor The bill to gradually raise the federal minimum wage to $15 from $7.25 by 2024 has cleared a legislative hurdle that sets it up for a vote by the House of Representatives in the coming weeks. What will be the effects of a $15 an hour minimum wage? f the minimum wage rate of $15 is above the equilibrium wage rate, then setting the minimum wage at $15 an hour will OA. minimize the resources used in job search OB. increase employment and eliminate any deadweight loss OC. increase unemployment and create a deadweight loss OD. create an efficient labor market OE. increase the number of low-skilled jobs available With a $15 minimum wage. A. all workers gain OB. all employers and workers lose OC. only small businesses lose OD. all workers and businesses gain OE. employers lose and workers who can't find jobs lose. Workers who find jobs gain

Bill raising federal minimum wage to $15 heads to U.S. House floor The bill to gradually raise the federal minimum wage to $15 from $7.25 by 2024 has cleared a legislative hurdle that sets it up for a vote by the House of Representatives in the coming weeks. What will be the effects of a $15 an hour minimum wage? f the minimum wage rate of $15 is above the equilibrium wage rate, then setting the minimum wage at $15 an hour will OA. minimize the resources used in job search OB. increase employment and eliminate any deadweight loss OC. increase unemployment and create a deadweight loss OD. create an efficient labor market OE. increase the number of low-skilled jobs available With a $15 minimum wage. A. all workers gain OB. all employers and workers lose OC. only small businesses lose OD. all workers and businesses gain OE. employers lose and workers who can't find jobs lose. Workers who find jobs gain

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Q.3 minimum wage legislation
1). Do We Need Another Movie Like "Top Gun?" The US military has claimed that there may soon be a shortage of fighter pilots. The Pentagon predicts that if actions are not taken the shortage will get much larger in the coming 3-5 years. As background information, you should know that both the demand and wages of commercial pilots has risen over the past five years (which you should see as a substitute for military pilots). a). First, graph and explain economically what the Pentagon might mean by a shortage? (note: the demand for fighter pilots is fairly inelaştic) Would micro see this shortage as an inefficiency? If so, show the deadweight loss. b). Provide two efficient solutions to solve the coming shortage of fighter pilots and graphs your solutions.
Problem 7. Suppose the minimum wage is imposed as a price floor in the labor market. For each potential price floor in the graph ($14, $15, and $16), determine: 7.1. What is the wage rate going to be in the market? Why? Wage rate 7.2. What is the quantity supplied and quantity demanded at that wage rate? 7.3. What is the quantity of labor actually traded at that wage rate? Why? 7.4. Will there be a surplus or shortage of labor, and how much? 7.5. Is this price floor effective and why? $16 15 14 0 80 100 110 S D 200 Quantity of labor (in thousands)
9. Minimum wage legislation The following graph shows the labor market in the fast-food industry in the fictional town of Supersize City. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool ?) 20 Market for Labor in the Fast Food Industry 18 I Wage (Dollars per hour) 16 Labor Supplied (Thousands of workers) Supply Labor Demanded 900 14 (Thousands of workers) 12 10 8 Demand 4. 0. 90 180 270 360 450 540 630 720 810 900 LABOR (Thousands of workers) WAGE (Dollars per hour)
Figure 4-17 Price $8.00 7.00 6.00 5.00 4.00 30 40 50 60 70 Refer to Figure 4-17 4-17.png. If this figure represented a labor market where the equilibrium price for labor was $6 an hour and the government decided to implement a minimum wage of $8 an hour, which of the following are true? 30 people would be better off because they get to keep their jobs at the new $8 an hour minimum wage. O 20 people would be made actively worse off because they would have voluntarily worked for $6 an hour, but are now unemployed and have no job at all. there is a surplus of labor equal to 40 workers that represents an increase in unemployment. O All of the answer choices are correct
Graph Input Tool Market for Labor 20.0 I Wage (Dollars per hour) 2.50 17.5 Supply Labor Supplied (Thousands of workers) Labor Demanded (Thousands of workers) 15.0 875 125 12.5 10.0 7.5 Demand 5.0 2.5 125 250 375 500 625 750 875 1000 LABOR (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. Labor Supplied Labor Demanded (Thousands of workers) (Thousands of workers) Shortage or Surplus? Wage $7.50 Suppose a senator considers introducing a bill to legislate a minimum hourly wage of $7.50. Which of the following statements are true? Check all that apply. WAGE (Dollars per hour)
9. Minimum wage legislation The following graph shows the labor market in the fast-food industry in the fictional town of Supersize City. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. WAGE (Dollars per hour) 20 18 16 14 12 10 2 0 0 Supply Demand 80 160 240 320 400 480 560 640 720 800 LABOR (Thousands of workers) Graph Input Tool Market for Labor Wage (Dollars per hour) Labor Demanded (Thousands of workers) the Fast Food Industry 8 480 Labor Supplied (Thousands of workers) 320
I need help with A, B and C
6.4
assume that a minimum wage already exists in society. Please explain the effects on the economy of increasing the minimum wage. Be sure to discuss who gains and who loses(Consumer and Producer surplus) as well the inefficiencies that this price floor would create. Make sure you show this graphically as well.
Assess the effects of Price ceiling (Hint: Government policies and intervention) please provide detailed answer
4. Minimum-wage laws and unemployment Consider the labor market defined by the supply and demand curves plotted on the following graph. Use the calculator to help you answer the following questions. You will not be graded on any changes you make to the calculator. WAGE (Dollars per hour) 24 21 18 15 12 9 6 3 0 0 Supply Demand 150 300 450 600 750 900 1050 1200 LABOR (Thousands of workers) Graph Input Tool Market for Labor Wage (Dollars per hour) Labor Demanded (Thousands of workers) 3.00 1,050 Labor Supplied (Thousands of workers) 150