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)?
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)?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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[5th_item] *problem situation in the photo below*
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- 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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1ecc73be-2df4-462f-afb2-f0455ac3973d%2F8fc95e72-f317-44b4-8535-7229fb25cf4d%2Fodhh4mk_processed.png&w=3840&q=75)
Transcribed Image Text: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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