Module 7 -Against Moving Minimum Wage to a Living Wage

According to the Heritage Foundation report, what are two possible negative effects of an increase in the minimum wage

Answer C only please On December 30, 1974, the hypothetical country Alpha decided to introduce a minimum wage policy. Cities with ID numbers 11, 23, 45, 57, 60, and 61 were randomly chosen to implement this minimum wage policy. The remaining cities in country Alpha did not adopt a minimum wage policy. You are asked to empirically and theoretically evaluate the impact of the introduction of the minimum wage in country Alpha on the labour market outcomes. a) Assuming there is no labour mobility and using the basic model of minimum wage, how do you expect the introduction of this policy to change the existing equilibrium wage and employment rate in the affected cities?  MY ANSWER IS UNEMPLOYMENT DECREASES  b)You are then asked to empirically evaluate the impact of the implementation of the minimum wage policy on employment rate in cities that implemented the new legislation compared to the other cities. Use data only from 1974, and 1975 in your policy evaluation. First, write down a…

Which of the following is the most likely outcome of minimum wage laws? an increase in both the quantity of labor supplied by workers and the quantity of labor demanded by firms an increase in the quantity of labor supplied by workers and a decrease in the quantity of labor demanded by firms a decrease in the quantity of labor supplied by workers and an increase in the quantity of labor demanded by firms a decrease in both the quantity of labor supplied by workers and the quantity of labor demanded by firms

The minimum wage law may distort the market for non-skilled labor. To reduce the distortion, some economists suggest a two-tier minimum wage system, where employees over age 19 have a minimum wage and employees under age 20 could earn wages below that figure. Give two reasons why economists think the minimum wage affects the under-20 labor market more than others

On December 30, 1974, the hypothetical country Alpha decided to introduce a minimum wage policy. Cities with ID numbers 11, 23, 45, 57, 60, and 61 were randomly chosen to implement this minimum wage policy. The remaining cities in country Alpha did not adopt a minimum wage policy. You are asked to empirically and theoretically evaluate the impact of the introduction of the minimum wage in country Alpha on the labour market outcomes. Now suppose that there is mobility in the labour market in country Alpha and we are in the pre-minimum wage period. Country Alpha receives migrants from country Beta and these migrants are positively selected. a) Suppose country Alpha decides to adopt a welfare program to increase the minimum income of its workers. This minimum income is granted to all native workers, immigrant workers, and the new incoming immigrants. Using the Roy model, and ignoring how the program is funded, with the aid of a diagram, discuss how the welfare program changes the…

Explain why it is important to differentiate between the "number of unskilled workers" and the "number of unskilled labor hours" when evaluating the impact on the market for unskilled labor of an increase in minimum wage.

Explain the pros and cons of imposing a minimum wage in a country and illustrate your arguments by using a graph for labor market (number of employees on the horizontal axis and the level of wage on the vertical axis).

Give reasons why there should be no minimum wage laws

Which of the following would economists expect to happen in a state that imposes a binding cap (or quota) on the number of licenses available for manicurists and enforces that manicurists must have an occupational license? Group of answer choices There is a decrease in the number of manicurist jobs and the price of getting a manicure decreases There is an increase in the number of manicurist jobs and the price of getting a manicure decreases There is an increase in the number of manicurist jobs and the price of getting a manicure increases There is a decrease in the number of manicurist jobs and the price of getting a manicure increases

The minimum wage is typically set above the market-clearing wage in the market for labor. Using a graph with an upward-sloping supply of labor, a downward-sloping demand for labor, with the quantity of labor measured on the horizontal axis and the wage rate on the vertical axis, show the effect on the labor market of a minimum wage set above the equilibrium wage rate. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.

Assume that 1,000 workers are employed by the University in jobs paying $10 per hour. After a rise in the minimum wage to $12 per hour, only 900 will be employed. Which statement is true about this example? Overall, the total amount of earnings received by workers has increased. At a wage of $12, the total number of people wanting to work but not getting hired will be 100. Labor demand (the quantity of workers demanded at various prices) appears to be elastic

Economic theory suggests that an increase in the minimum wage will prompt firms to hire fewer low skill workers. true or false

https://youtu.be/DqwzYoThUpg  Raising the minimum wage has become a national, state, and municipal focus in recent years. The increasing disparity in income and perceived opportunity for low-income wage earners has become a significant issue for our leaders and policy makers. For this assignment conduct research on the internet for credible presentations by economists who favor increasing the minimum wage and, from those who oppose an increase to the minimum wage.   Refer to your text for information (labor markets, price floors for example) that help to clarify and define the issue.Take and defend a position: The Federal Minimum Wage should be increased to $? an hour because of___________,   _________. and _____________. or The Federal Minimum Wage should not be increased because of___________,   _________and _____________. Refer to the attached video for necessary elements to write a strong and well defended opinion that supports your thesis.

How did the two studies on Seattle minimum wage rise in 2015 give seamingly contradictory results?

Begin by locating a scholarly article regarding the effects of increases on minimum wages and discuss its findings. Does a minimum wage increase lead to reductions in employment, or is the overall effect on employment net positive? Do you agree or disagree with the results of the study? What do you think are other vital considerations that should be taken into account in the study? Discuss how conscious capitalism would approach a minimum wage increase. Provide examples to support your rationale. NOT AN ESSAY 200 words MAXIMUM

Proponents of the minimum wage have asked you to provide a summary of the impact of minimum wages in an alternative model, the model of labor search and bargaining. Specifically, they want you to explain why in this model it is possible for a minimum wage to raise workers' wages without causing any unemployment. Which of the following statements most accurately does so? The model of labor search and bargaining cannot explain this fact Part of the cost of hiring a worker is the cost of their healthcare and other benefits. A minimum wage causes firms to reduce healthcare payments rather than firing workers. O Many workers are offered wages far below the neoclassical equilibrium wage. A minimum wage close to the equilibrium would raise these workers wages without costing any jobs. Firms are unable to coordinate on a wage and would benefit from a single, government-set wage (like the minimum wage) O Workers generally do not want to work, but setting a high minimum wage would entice them…

Empirical studies on the effects of minimum wage increases in contiguous states: Find negative effects on employment for both teenagers and restaurant workers   Find no effect on employment for teenagers, but negative effects on restaurant workers   Find negative effects on employment for teenagers, but no effect for restaurant workers   Find no effects on employment for either teenagers or restaurant workers

Traditional minimum wage laws Use the model to show the effects on worker and producer surplus and dead weight loss associated with traditional minimum wage laws.

The imposition of a binding minimum wage makes all workers affected by it better off.

True or false: minimum wage always increases the welfare of workers. Explain your answer with a graph.

On December 30, 1974, the hypothetical country Alpha decided to introduce a minimum wage policy. Cities with ID numbers 11, 23, 45, 57, 60, and 61 were randomly chosen to implement this minimum wage policy. The remaining cities in country Alpha did not adopt a minimum wage policy. You are asked to empirically and theoretically evaluate the impact of the introduction of the minimum wage in country Alpha on the labour market outcomes. Assuming there is no labour mobility and using the basic model of minimum wage, how do you expect the introduction of this policy to change the existing equilibrium wage and employment rate in the affected cities?

A case study in this chapter discusses the federal minimum-wage law. Suppose the minimum wage is $7 per hour in the market for unskilled labor, as shown on the following graph. Use the grey point (star symbol) to indicate the market equilibrium wage and quantity of labor in the absence of a minimum wage. Then use the purple point (diamond symbol) to indicate the level of employment at the minimum wage provided, and use the orange point (square symbol) to indicate the quantity of labor supplied at this minimum wage. Finally, use the green polygon (triangle symbols) to show the total wage payments to unskilled workers.   Market EquilibriumMinimum Wage OutcomeLabor Supplied at Minimum WageTotal Wage Payments012345678910109876543210Wage (Dollars per hour)Quantity of Labor （Millions of workers)DemandSupplyMinimum Wage   At the minimum wage of $7 per hour, the level of unemployment is   million workers, and the total wage payments to workers are   million.   Now suppose the…

Minimum wage is an example of what kind of economic

The City Council of Lincoln, Nebraska has proposed raising the minimum wage in their city up to $12.50 per hour up from the current level of $9.50. They are not sure what to do because they want people to make more money but they also want as many people as possible to have jobs. They are asking you to analyze the situation using the chart below and tell them what you think will happen if they go through with it and actually raise it to $12.50 per hour. $16.00 23,000 32,000 9,000 $12.50 $9.50 $7.50 42,000 74,000 At a Minimum Wage of $12.50 per hour what is the level of Excess Supply of Workers willing to work at that wage? 74,000 0 ↑ 51,000 quantity

What is a minimum wage? Explain why it may fail to help the poor households in an economy.