The regional wage board declared an across the board (nationwide) average 3.4% increase in the 2021 minimum wage. Working for NEDA, your boss wants an estimate of the number of additional workers in the Philippines who would lose their jobs as a result of a higher minimum wage. Research shows that the own price elasticity of demand for minimum wage earners is -0.636; and about 2.332 million minimum wage workers in the Philippines.

The regional wage board declared an across the board (nationwide) average 3.4% increase in the 2021 minimum wage. Working for NEDA, your boss wants an estimate of the number of additional workers in the Philippines who would lose their jobs as a result of a higher minimum wage. Research shows that the own price elasticity of demand for minimum wage earners is -0.636; and about 2.332 million minimum wage workers in the Philippines.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

[5th_itemA] *problem situation in the photo below*

Required:

What do you tell your boss (estimate of the number of additional workers in Manila who would lose their jobs as a result of a higher minimum wage)?

The regional wage board declared an across the board
(nationwide) average 3.4% increase in the 2021
minimum wage. Working for NEDA, your boss wants an
estimate of the number of additional workers in the
Philippines who would lose their jobs as a result of a
higher minimum wage. Research shows that the own
price elasticity of demand for minimum wage earners is
-0.636; and about 2.332 million minimum wage workers
in the Philippines.

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