QUESTION 8 Most government policy decisions have winners and losers. What are the effects of raising the minimum wage? It is more complex than simply producers lose and workers gain. Who are the winners and who are the losers? (May be more than one answer). People who keep their job are winners People who can now go on welfare are winners Consumers are losers because many goods and services will cost more Marginal workers are losers if their job is a risk Businesses are winners because they will always have better workers

QUESTION 8 Most government policy decisions have winners and losers. What are the effects of raising the minimum wage? It is more complex than simply producers lose and workers gain. Who are the winners and who are the losers? (May be more than one answer). People who keep their job are winners People who can now go on welfare are winners Consumers are losers because many goods and services will cost more Marginal workers are losers if their job is a risk Businesses are winners because they will always have better workers

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter3: Demand And Supply

Section: Chapter Questions

Problem 46CTQ: Must government policy decisions have winners and losers? What are the effects of raising the...

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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?
Allison is debating about hireing Jim for a new Position at her firm producing computer software. She estimates that Jim will add an additional $500 of revenue a day to her firm. a. what is the maximum wage at which Allison would be willing to hire Jim? $ ______ a day b. Suppose demand for computer software increases. This increases the value of Jim's contributions to the firm to $650. what is the maximum wage at which Allison would be willing to hire Jim? $ ____ a day c. Suppose some of the firm's capital is outdated and workers no longer have the ability to be as productive. This reduces Jim's contributions to the firm to $400. What is the maximum wage at which Allison would be willing to hire Jim? $ ____ da day d. Suppose Jim obtains a additional eduction that leads to him being more productive. This increases the value of Jim's contributions to the firm to $750. What is the maximum wage at which Allison would be willing to hire Jim? $ ____ a day
microeconomics question what would the equity and efficiency effects of raising the minumum wage to $20/hr be?
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.
(a) Solve for the equilibrium wage and employment level.(b) Graph the demand and supply curves.(c) At this equilibrium, what is your welfare/gains from trade?(d) Now, assume a minimum wage has been implemented at $20. How will this impact yourdemand? Supply?(e) How many workers are displaced by this new policy? How much “extra” unemployment occurswith this new policy? Hint: Think about the reservation wage.(f) Graph the new labor demand and supply with this minimum wage.(g) At this equilibrium, what is your new welfare? Are you better off with this change? Explain.
a) Refer to the above diagram determine the number of unemployed, if thegovernment imposes a minimum wage of $8? (Show on the graph!) b) Discuss the result of a decrease in minimum wage that kept it above theequilibrium wage.
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Refer to the following graph of the demand for and supply of armed forces personnel. Da Wage B A E CS с F D 0 HG The height of the supply curve (5) measures the cost to taxpayers of drafting a worker. the value to the military of drafting a worker. the difference between the cost to the taxpayer and the cost to the military of drafting a worker. the opportunity cost of a potential draftee Labor
Paragraph Font Consider an individual who initially works T-L. hours per week, where (T-L)>0. They earn an hourly wage (W) and no non-labour income. a) Draw a graph that reflects this individual's income-leisure constraint, utility-maximizing indifference curve (U.) and choice of leisure hours (L.). b) The government then implements a wage subsidy program in which worker wages are increased by 10%. This wage subsidy program has no limits, so there is no phase-in/out. This wage subsidy produces both an income effect and a substitution effect on the worker's choice of leisure hours. Assume that the substītution effect is stronger than the income effect. On the same graph as part a, draw this individual's new income-leisure constraint, utility- maximizing indifference curve (U.) and choice of leisure hours (L). [Note: When incorporating the 10% wage subsidy into the graph in part b, I am not expecting perfect precision. Just try your best to draw the new income-leisure constraint as…
https://youtu.be/DqwzYoThUpg Raising the minimum wage has become a national, state, and municipal focus in recent years. The increasing disparity in income and perceived opportunity for low-income wage earners has become a significant issue for our leaders and policy makers. For this assignment conduct research on the internet for credible presentations by economists who favor increasing the minimum wage and, from those who oppose an increase to the minimum wage. Refer to your text for information (labor markets, price floors for example) that help to clarify and define the issue.Take and defend a position: The Federal Minimum Wage should be increased to $? an hour because of___________, _________. and _____________. or The Federal Minimum Wage should not be increased because of___________, _________and _____________. Refer to the attached video for necessary elements to write a strong and well defended opinion that supports your thesis.
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