Labor Economics
7th Edition
ISBN: 9780078021886
Author: George J Borjas
Publisher: McGraw-Hill Education
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Chapter 3, Problem 12P
To determine
Explain the amount of
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How does the amount of unemployment created by an increase in the minimum wage depend on the elasticity of labor demand? Do you think an increase in the minimum wage will have a greater unemployment effect in the fast-food industry or in the lawn-care/landscaping industry?
how does the demand and supply for labour affect the wage rate of workers?
How do wages affect labor supply?
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- Explain how the minimum wage laws may cause unemployment. What age group is most adversely affected by the minimum wage law?arrow_forwardDo minimum wages increase the unemployment rate of less-skilled workers?arrow_forwardDescribe the factors that could cause an increase in the wage rate of workers.arrow_forward
- To what extent are flexible work arrangements a positive for workers? For employers?arrow_forwardDraw a graph that shows when minimum wage is expected to result in little or no unemployment as long as the wage remains in the indeterminant range.arrow_forwardThe government recently imposed a number of regulations on companies that will make it more expensive for companies to hire workers. What consequence will this have on the labor market?arrow_forward
- If the Firm operates in a Perfectly Competitive Labor Market where the going market wage is $12, what is the profit-maximizing level of employment?If the Firm operates in a Perfectly Competitive Labor Market where the going market wage is $12, what is the profit-maximizing level of employment?arrow_forwardThink of a job that either you or a friend/relative held that paid a wage that you thought was either unfair or inequitable compared to the wages or salaries of other positions within the business or within the wider business community. Answer the following questions in relation to that example. On what basis do you think the wage was set? I.e. What factors influenced how much the organization valued the role? Why did you think it was unfair? If there was an opportunity to be covered by a Union contract/agreement, do you think there would have been an increase/decrease in the wage? If you were the employer, what would cause you to increase the wage for that role? and finally, 5. Do you think that the wages/salaries of the main "jobs" in our society are allocated fairly? Provide an example of a role that you think is highly undervalued and explain why. For example, should CEOs and celebrities earn millions of dollars each year compared to child care workers or stay at home parents who…arrow_forwardExplain four ways in which a firm might increase its profits by raising the wages it pays.arrow_forward
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