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Question: Which of the following groups are likely to benefit from legislation substantially increasing the minimum wage? Explain why.
a. unskilled workers seeking jobs but lacking experience and education
b. skilled workers whose current wages are above the minimum wage
c. manufacturers of machines that save labor in industries employing large amounts of unskilled labor
d. unskilled workers who have criminal records
e. a teenager seeking his or her first job
f. unskilled workers who retain employment after the minimum wage is raised
g. regions where almost everybody already earns substantially more than the minimum wage
A firm has a monopoly on a new type of gaming console. The market demand is given by P=175.3-0.003*Q and thus marginal revenue is MR=175.3-0.006*Q. The monopolist's marginal cost is MC=5.2+0.001*Q. Calculate the profit-maximizing production quantity.
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