The market of labor force of food delivery is characterized by the chart below. The government decides to protect the citizens and establish the minimum wage on the level of UAH 5200Wage380040004300470050005200550058006000Labor supply100001100012500140001460015000159001640017000Labor demand17000160001500014000130001200011000100009000 How the minimum wage would influence the market of labor force (on business and on workers)? What are the pros and cons of minimum wage implementing?How the workers could mitigate these changes?

Answered: The market of labor force of food…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The market of labor force of food delivery is characterized by the chart below. The government decides to protect the citizens and establish the minimum wage on the level of UAH 5200

Wage	3800	4000	4300	4700	5000	5200	5500	5800	6000
Labor supply	10000	11000	12500	14000	14600	15000	15900	16400	17000
Labor demand	17000	16000	15000	14000	13000	12000	11000	10000	9000

How the minimum wage would influence the market of labor force (on business and on workers)?
What are the pros and cons of minimum wage implementing?
How the workers could mitigate these changes?

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