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Using the diagram, explain the impact of minimum wage.
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- $30 a week boost to minimum wage The government increased the minimum wage by $30 a week to $570 a week. Unions wanted a $35 a week increase, but employers argued that a $35 a week increase was unaffordable. Source: ABC Australia, February 11, 2011 The graph shows a market for low-skilled labor. If the minimum wage is set at $570 a week, If the minimum wage is set at $540 a week, O A. everyone who wants a job has one; firms cannot hire all the labor they want OB. firms cannot hire all the labor they want; everyone who wants a job has one OC. everyone who wants a job has one; some people who want a job can't get one OD. some people who want a job can't get one; everyone who wants a job has one M 590- 580- 570- 560- 550- 540- 530- 520- 510- 9.8 Wage rate (dollars per week) D S 9.9 10 10.1 10.2 Quantity (millions of hours per year) O J NextFigure 4-17 Price $8.00 7.00 6.00 5.00 4.00 30 40 50 60 70 Refer to Figure 4-17 4-17.png. If this figure represented a labor market where the equilibrium price for labor was $6 an hour and the government decided to implement a minimum wage of $8 an hour, which of the following are true? 30 people would be better off because they get to keep their jobs at the new $8 an hour minimum wage. O 20 people would be made actively worse off because they would have voluntarily worked for $6 an hour, but are now unemployed and have no job at all. there is a surplus of labor equal to 40 workers that represents an increase in unemployment. O All of the answer choices are correct2. Minimum wage legislation The following graph gives the labor market for the fast-food industry of the imaginary city of Combopolis. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. WAGED per hour) Graph Input Tool Market for Labor in the Fast Food Industry Wage 6 Supply Labor Demanded (Hundreds of worker) (Dollars per hour) 174 Labor Supplied (Hundreds of workers) 126 Digand 30 60 90 120 150 180 210 240 270 300 LABOR (Hundreds of workers) In this market, the equilibrium wage is S per hour, and the equilibrium quantity of labor is Suppose the mayor of Combopolis introduces a legal minimum wage of $5 per hour. This type of price control is called a hundred workers. For each of the wages isted in the following table, determine the quantity of labor demanded, the quantity of…
- 9. Minimum wage legislation The following graph shows the labor market in the fast-food industry in the fictional town of Supersize City. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. WAGE (Dollars per hour) 20 18 16 14 12 10 2 0 0 Supply Demand 80 160 240 320 400 480 560 640 720 800 LABOR (Thousands of workers) Graph Input Tool Market for Labor Wage (Dollars per hour) Labor Demanded (Thousands of workers) the Fast Food Industry 8 480 Labor Supplied (Thousands of workers) 320The graph shows a market for labor. Draw a line that illustrates a minimum wage that creates unemployment of 3 million hours a year. Label it. A minimum wage is a OA. quantity ceiling OB. price ceiling OC. quantity floor OD. price floor esc applied to labor markets. 2 → # 3 с $ 4 % 5 6 <Cigarette manufacturers were among the first companies to advertise extensively on television. Older people today can still hum the heavily advertised jingle, “Winston tastes good like a cigarette should.” They can also remember beautiful women with black eyes as they testified, “Tarey-ton smokers would rather fight than switch.” John Wayne and other movie stars appeared in commercials to endorse cigarettes. Cigarette companies were the major sponsors for many popular television shows. The companies also paid to have cigarettes included in the actual programs. In 1962 the cartoon characters Fred and Wilma Flintstone were shown smoking Winston cigarettes. The U.S. federal government banned television advertising of cigarettes starting in 1971. Interestingly, the leading cigarette manufacturing companies supported the ban, even though they had advertised heavily on television since 1940s. 1. Design a simple two-company game that illustrates why it might have been in the economic…
- 2. The figure illustrates the labor market for delivery drivers in a small town in Mexico. What would be the effect a minimum wage imposed at $4 per hour? A. A shortage of 2 hundred hours. B. A surplus of 2 hundred hours. C. There would be no effect. D. A shortage of 1 hundred hours. Wage rate (dollars per hour) &6.00 5.50 5.00 4.50 4.00 3.50 3.00 0 S Minimum wage D 12 8 9 10 11 Quantity (hundreds of hours per day)Format Tools Add-ons Help Accessibility Last edit was on January 29 Normal text Times New. 18 BIU + 1 . ...| II 1. What is the minimum wage? 2. What is an argument in favor of raising the minimum wage? 3. What is an argument opposed to raising the minimum wage? 4. Who is the current Vice President of the United States? 5. List a few of the Vice President's duties. 6. How do dams affect salmon? 7. Why is it important to protect salmon?In the labor market, what causes a movement along the supply curve? What causes a shift in - the supply curve?
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