sing a supply-demand diagram, show a labor market with a binding minimum wage. Now, use the diagram to show those who are helped by the minimum wage, and those who are hurt by the minimum wage
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- Draw a supply-demand diagram representing the impact of a minimum wage in the labor market. What does economic theory predict about the change in employment with the introduction of or increase in a minimum wage? How does the prediction above vary with elasticity of labor supply and labor demand?Should the government raise the minimum wage? Why or why not? Take a stand and explain.should the federal government raise the minimum wage? Explain
- Click on the icon to read the news clip, then complete the following steps. The graph shows the market for fast-food workers. Draw a point to show the wage rate and the number of fast-food workers employed if the minimum wage is: 1) $13.00 an hour. Label the point 1. 2) $15.00 an hour. Label the point 2. In the graph, at a minimum wage of $15.00 an hour. wage of $13.00 an hour OA. some workers are unemployed; no one is unemployed and firms have all the workers they want OB. some workers are unemployed; firms cannot hire as many workers as they want ; and at a minimum OC. firms cannot hire as many workers as they want; no one is unemployed and firms have all the workers they want D. no one is unemployed and firms have all the workers they want; some workers are unemployed M 16.00 15.00- 14.00- 13.00- 12.00- 11.00- 10.00- Wage rate (dollars per hour) 50 A S 100 150 200 250 300 350 Quantity (thousands of workers) >>> Draw only the objects specified in the question. NextWhat is a minimum wage? Explain why it may fail to help the poor households in an economy.$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, OA. some people who want a job can't get one; everyone who wants a job has one B. firms cannot hire all the labor they want; everyone who wants a job has one OC. everyone who wants a job has one; firms cannot hire all the labor they want OD. everyone who wants a job has one; some people who want a job can't get one 590- 580- 570- 560- 550 540- 530- 520- 510+ 9.8 Wage rate (dollars per week) A D 9.9 10.1 10 Quantity (millions of hours per year) S 10.2 Next Q Q G
- The minimum wage originally was only 25 cents an hour. Today it is $7.25 an hour. Assume that Congress is considering raising the minimum wage again and your U.S. representative is asking for public opinion on this issue. Write a letter to your representative with arguments for and against a higher minimum wage.What impact does the minimum wage have on the economy?How does an increase in the minimum wage affect the economy ?
- Suppose you were preparing a memo for the White House on the effects of a large increase in the minimum wage. What would you write about the effects on employment, unemployment, job training, and working conditions? Who benefits and who loses from a higher minimum wage?Using the diagram, explain the impact of minimum wage.Evaluate this statement: "All minimum wage workers would be better off if the minimum wage rose to $10.50 per hour."
