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According to the News on page 677, what percentage of retail jobs would be lost if the minimum wage were increased to $9.50? Obama Wants $9.50 Minimum Wage (Crains)- When Barack Obama and his fellow Democrats take power in Washington, DC. restaurant operators are expecting them to push a minimum wage hike. Obama wants to boost the federal minimum wage to $9.50 an hour by 2011, up from $7.25 an hour in 2009. Minimum Wage The National Restaurant Association opposes raising the minimum wage, which has gone to $6.65 this year from $5.15 in 2006, and is scheduled to rise to $7.25 in July. The association In June conducted a survey of 1,300 members in 18 states that found that 58 percent raised menu prices and 41 percent reduced employee hours because of the higher minimum wages. Joe Sabia, an assistant professor of public policy at American University in Washington, DC. says that a 10 percent increase in minimum wage reduces retail employment by 1 percent. Obama's proposal would raise the federal minimum wage by over 30 percent, causing even greater job loss at a time when our economy can least afford it. Mr. Sabia contends.
Evelyn has been shopping for a home entertainment system. Being a graduate of Dr. Corman's Personal Finance class, she has determined that she can afford $200 in monthly payments over 2 years. If she can get an 8% annual rate of interest.
Draw a separate box diagram to show what the contract curve might look like if Aisha was concerned about very low consumption of food and clothing by Robin, but Robin was only concerned about his own consumption.
Customers to Live Theaters, Inc. can be divided into two groups: seniors and everyone else. The inverse demand curves for each of the two groups are given below. The marginal cost (which equals the average variable cost) of serving an additional p..
elizabeth M. suburbs makes $200 a week at her summer job and spends her entire weekly income on running shoes and designer jeans, because these are the only two items that provide utility to her. Furthermore, Elizabeth insists that for every pair ..
An auto dealership estimates that its demand curve has an elasticity of 2.78. If it wishes to increase sales by 12%, by how much should it decrease price What will happen to revenue (rise or fall) If instead it raises price by 20%, what is the per..
Assume that a "leader country" has real GDP per capita of $40,000, whereas a "follower country" has real GDP per capita of $20,000. Next suppose that the growth of real GDP per capita falls to zero percent in the leader country and rises to 2 perc..
The forecasting staff for the Prizer Corporation has developed a model to predict sales of its air-cushioned-ride snowmobiles. The model specifies that sales S vary jointly with disposable personal income Y and the population between ages 15 and 4..
Assume your money could earn 5.0% per year in low risk securities in the 7 year period in question. Using that same amount, what amount, invested each year for the next 4 years would be sufficient to cover the future costs at the end of years 5 th..
Two companies, Company A and Company B, are deciding whether each should implement a new pricing strategy, which may or may not result in a price war. If both companies reduce (discount) their current prices, each company will end up with $175K in ..
A former employee decides to sue QopyQat, alleging employment discrimination. Although management claims innocence, they agree to settle out of court. The settlement requires QopyQat to pay the employee $10,000 per month for the next year.
Country A produces two goods, elephants and saddles. In the year 2006, the 100 units of elephants produced sold for $2,500 per unit and the 30 units of saddles produced sold for $200 per unit. In 2007, the 120 units of elephants produced sold for ..
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