Minim wage affects the employment of unskilled workers

Assignment Help Business Economics
Reference no: EM13734226

Minimum wage legislation requires most firms to pay workers no less than the legislated minimum wage per hor. Using marginal productivity theory, explain how a change in the minim wage affects the employment of unskilled workers.

Reference no: EM13734226

Questions Cloud

Describe at least three examples of these technologies : Your lectures in the first half of our course presented the 21st-century medical technologies that now drive healthcare (and drive healthcare costs) in America. Describe at least three examples of these technologies.
When would interest rates be raised and when lowered : By raising and lowering short-term interest rates to keep inflation moving at a steady pace, many central bankers and academics thought they had finally found a monetary policy solution to conquer booms and busts of the business cycle. When would int..
Purpose of changing an outcome in the appropriate market : Think of one situation in which the Government is actively involved with the purpose of changing an outcome in the appropriate market. Do you agree that the Government should be involved? Why or why not?
Compute the intercept and slope of the demand curve : Graph the demand curve, and give some verbal interpretation. Compute the intercept and slope of the demand curve. Use the calculus formula to calculate the point elasticity at the price of $4.00. Give a verbal interpretation of this elasticity. Is th..
Minim wage affects the employment of unskilled workers : Minimum wage legislation requires most firms to pay workers no less than the legislated minimum wage per hor. Using marginal productivity theory, explain how a change in the minim wage affects the employment of unskilled workers.
Explain the economic consequences of such a course of action : Government A decides it wants to eliminate poverty and unemployment by immediately issuing 50,000 dollars/yr to all unemployed citizens. All said citizens receiving the 50,000 per year under this government are thereby not considered unemployed. Expl..
What monthly withdrawal can you make if you want the account : You decide to open a retirement account at your local bank that pays 7%/year/month (7% per year compounded monthly). For the next 20 years, you will deposit $500 per month into the account, with all deposits and withdrawals occurring at month’s end.
Demand and supply curves for a large cheese pizza : Suppose the demand and supply curves for a large cheese pizza are given by: Using the demand and supply functions above, the equilibrium price of a pizza is ____, and the equilibrium quantity is ____.
Implement a cross-subsidization pricing strategy : A necessary cost-side condition for a firm to implement a cross-subsidization pricing strategy is:

Reviews

Write a Review

 

Business Economics Questions & Answers

  What could the fed do in order to bring economy back

What could the Fed do in 2002-2003 in order to bring the economy back to full-unemployment ? What did the Fed actually do? Explain in detail

  Q1 which types of inefficiency described in chapter 10 do

q1. which types of inefficiency described in chapter 10 do you think is most economically significant in the country

  How the price earnings ratio was attractive and unfavorable

Research any two publicly traded companies, looking for one that has an attractive price earnings ratio and one that has an unfavorable price earnings ratio. Explain how you knew the price earnings ratio was attractive and unfavorable.

  What will happen to the price of premium coffee

If hard freeze eliminates Brazil's premium coffee crop, illustrate what will happen to the price of premium coffee.

  Calculate the price elasticity of demand at a price

Suppose ABC were to use the caps as a promotion. How many caps could ABC give away free? At what price would no caps be sold? Calculate the price elasticity of demand at a price of $6?

  How will you determine the profit-maximizing quantity

A new good or service for an existing business or a business that you want to develop and how will you determine the profit-maximizing quantity?

  What was balance in unearned service revenue

If $1,600 was received in January for services performed in January, what was balance in Unearned Service Revenue at December 31, 2000.

  What would happen to the equilibrium price

Illustrate what would happen to the equilibrium price also quantity of lattés if the cost of producing steamed milk

  Illustrate what implicit assumptions are the publisher

The Wall Street Journal's experience after an increased its price to 75 cents. Illustrate what implicit  assumptions are the publisher and the analyst making about the price elasticity.

  Your consulting firm was recently hired to improve the

Your consulting firm was recently hired to improve the performance of Shin-Soenen Inc, which is highly profitable but has been experiencing cash shortages due to its high growth rate

  Illustrate what would happens to the equilibrium price

Illustrate what would happens to the equilibrium price and quantity. The widget firm in Springfield is competitive,with numerous buyers and sellers.

  Qyouve been assigned a group paper with one other person

q.youve been assigned a group paper with one other person. the paper costs c to produce and a good grade is worth v to

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd