The equilibrium wage and quantity are W*=10 and Q*=40. a. Consider a minimum wage of W=$8. What will be the new equilibrium wage and quantity? a. W*= $8 b. Q*= 38 b. Suppose the Democrats implement a new federal minimum wage of W=$12. What will be the new equilibrium wage and quantity? a. W*= $12 b. Q*= 36 ABC c. Quantity represents employment, then what has happened to unemployment (increased/decreased/same)? d. What term best describes the effect of this policy on social surplus? What has happened to consumer surplus (remember this is for the firms/employers in this question)? f. What has happened to producer surplus (this is the workers in this question)? е. i. ii. It has gone up. It has gone down. It has stayed the same. iv. ii. We don't have enough information to know.

The equilibrium wage and quantity are W=10 and Q=40. a. Consider a minimum wage of W=$8. What will be the new equilibrium wage and quantity? a. W= $8 b. Q= 38 b. Suppose the Democrats implement a new federal minimum wage of W=$12. What will be the new equilibrium wage and quantity? a. W= $12 b. Q= 36 ABC c. Quantity represents employment, then what has happened to unemployment (increased/decreased/same)? d. What term best describes the effect of this policy on social surplus? What has happened to consumer surplus (remember this is for the firms/employers in this question)? f. What has happened to producer surplus (this is the workers in this question)? е. i. ii. It has gone up. It has gone down. It has stayed the same. iv. ii. We don't have enough information to know.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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