Please provide accurate and correct answers to both questions without explanation. Thank you for your assistance. The following figure shows the Lorenz curves of two countries such as LC1 and LC2.Cumulative % of income10066.6d.33.3Line of EqualityLC 133.33Cumulative % of household.Which of the following options is correct as per the given figure?a. Both countries face income inequality.LC266.6100b. Inequality in country 2 is greater than inequality in country 1.c.Country 2 has the highest level of inequality because the distance between the Lorenzcurve and the line of equality is highest.All of the above Consider the following figure to answer the following question.Wage(Kenyanshillingsper month)20,00015,00012,00010,00020,000 36,00030,000 45,000SupplyDemand60,000Quantityof laborSuppose that the labor market is in equilibrium. The government has decided to implement aminimum wage of $10,000 Kenyan Shillings per month. How much does the number of hiredchange? (DL-3)a. Changes by 6000 units of laborb. Change by 9000 units of labor.c. Changes by 0 units of labord. Changes by 15000 units of labor

Lorenz curve graphically shows the income inequality that exists in a country using the cumulative…

Suppose that the labor market is in equilibrium. The government has decided to implement a minimum wage of $10,000 Kenyan Shillings per month. How much does the number of hired change? (DL-3) a. Changes by 6000 units of labor b. Change by 9000 units of labor. c. Changes by 0 units of labor d. Changes by 15000 units of labor

Suppose that the labor market is in equilibrium. The government has decided to implement a minimum wage of $10,000 Kenyan Shillings per month. How much does the number of hired change? (DL-3) a. Changes by 6000 units of labor b. Change by 9000 units of labor. c. Changes by 0 units of labor d. Changes by 15000 units of labor

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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