The unemployment rate at the time was 10%, and a confederation of large businesses campaigned for a reduction in the minimum wage from 50 francs to 30 francs. How would this affect the budget set of a minimum wage worker? The confederation's proposals were rejected and, in 2000, the French government attacked the problem of unemployment by introducing the 35 hour working week. Draw the effect of
Can you show the effect the the budget set for b and c
diagramatically please
Minimum wage is defined as the least amount of renumeration which the employers are required to pay to the wage earners for the amount of labor they are putting in during a period of time, that cannot be lowered by an agreement or contract. The purpose behind the imposition of minimum age is to protect the workers from the undue low pay at work.
The unemployment rate refers to the percentage of labor force who does not have a job in hand. The unemployment rate is considered to be a lagging indicator which fluctuates with the fluctuating economic conditions. Jobs are scarce when economy is not performing well leading to an increase to unemployment rate.
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