On a graph of the market for low-skilled labor, show the effect of the $30 a week increase in the minimum wage on employment of low-skilled labor. The graph shows the market for low-skilled labor. The y-axis label is Wage rate (dollars per week) label is Workers per week and the x-axis Draw a point on the market supply curve and label it S. Draw a point on the market demand curve and label it D. Draw a point to show the wage rate and workers employed if the minimum wage is set at: 1) $540 a week. Label the point 1. 2) $570 a week. Label the point 2. 560- 550- 540- 530- 520- 510- 980 990 1000 X 1010 1020 >>> Draw only the objects specified in the question.
On a graph of the market for low-skilled labor, show the effect of the $30 a week increase in the minimum wage on employment of low-skilled labor. The graph shows the market for low-skilled labor. The y-axis label is Wage rate (dollars per week) label is Workers per week and the x-axis Draw a point on the market supply curve and label it S. Draw a point on the market demand curve and label it D. Draw a point to show the wage rate and workers employed if the minimum wage is set at: 1) $540 a week. Label the point 1. 2) $570 a week. Label the point 2. 560- 550- 540- 530- 520- 510- 980 990 1000 X 1010 1020 >>> Draw only the objects specified in the question.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Please help with the graph
18
![$30 a week boost to minimum wage
The government has increased the minimum wage by $30 a week to $570
a week. Unions wanted a $35 a week increase, but employers argued that
that level of increase was unaffordable and would send smaller firms to
the wall.
Source: ABC Australia, February 11, 2
On a graph of the market for low-skilled labor, show the effect of the $30 a
week increase in the minimum wage on employment of low-skilled labor.
The graph shows the market for low-skilled labor.
The y-axis label is Wage rate (dollars per week)
label is Workers per week
Draw a point on the market supply curve and label it S.
Draw a point on the market demand curve and label it D.
Draw a point to show the wage rate and workers employed if the minimum
wage is set at:
1) $540 a week. Label the point 1.
2) $570 a week. Label the point 2.
y
h
Selected:
none
87
U
and the x-axis
*
8
k
▸
(
9
590
580-
570-
560-
550-
540-
530-
520-
1
510-
980
Y
990
Delete Clear ?
)
O
1000
P
X
>>> Draw only the objects specified in the question.
1010
1020
Next
ES
X
5 US
ba](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc44480fa-8561-40ca-ba5f-1b72ea7668cf%2F8a37b7f2-2517-4fd7-a8e4-cfe3950d9b8a%2Fvuhe2is_processed.jpeg&w=3840&q=75)
Transcribed Image Text:$30 a week boost to minimum wage
The government has increased the minimum wage by $30 a week to $570
a week. Unions wanted a $35 a week increase, but employers argued that
that level of increase was unaffordable and would send smaller firms to
the wall.
Source: ABC Australia, February 11, 2
On a graph of the market for low-skilled labor, show the effect of the $30 a
week increase in the minimum wage on employment of low-skilled labor.
The graph shows the market for low-skilled labor.
The y-axis label is Wage rate (dollars per week)
label is Workers per week
Draw a point on the market supply curve and label it S.
Draw a point on the market demand curve and label it D.
Draw a point to show the wage rate and workers employed if the minimum
wage is set at:
1) $540 a week. Label the point 1.
2) $570 a week. Label the point 2.
y
h
Selected:
none
87
U
and the x-axis
*
8
k
▸
(
9
590
580-
570-
560-
550-
540-
530-
520-
1
510-
980
Y
990
Delete Clear ?
)
O
1000
P
X
>>> Draw only the objects specified in the question.
1010
1020
Next
ES
X
5 US
ba
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