Analyzing the labor market using the supply and demand model: minimum wage law and increasing the minimum wage creates excessive labor supply hence unemployment. However, do you think increasing the minimum wage is good or bad
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Analyzing the labor market using the
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- Course: Introduction to Economics - Labor Market"A government should implement profound reforms to the labor market, complementary to the elimination of the minimum wage, so that unemployment reaches 0%." What do you think? CommentThe subject is Business Ethics 1. Explain what is meant by employment at will and explain in some detail the extent to which employment in the USA is governed by this doctrine. Explain what is meant by an employee moral right to due process and explain in some detail the sorts of things an employer might do in order to honor a moral right to due process. 2. When it comes to deciding what is an acceptably safe and healthy work environment, one possibility is to reject government regulation and oversight, and simply let ‘the free marketplace decide’, letting individual employers and employees bargain over this. Explain/illustrate what is meant by this proposal. Then explain at least two ethical concerns that could be raised in objection to it. Finally, briefly explain each of the following two approaches to setting the legal requirements on workplace safety and health standards: feasibility analyses and cost-benefit analyses. 3. Explain what is meant by an employee moral right to…Figure 2 represents the Texas labor market. In this simplified model, labor and capital are the only factors of production. The initial supply of labor is denoted by S0 and consists entirely of U.S. workers. The demand for labor is denoted by D. Quantity of workers are in thousands and the wage rate is for a 40-hour workweek. (a) At labor market equilibrium, what is total weekly labor income? (b) At labor market equilibrium, what is the weekly income earned by U.S. capital owners? (Note: the capital owners are on the demand side – the demand curve reflects their demand for labor -- so the consumer surplus is the capital owner’s income.) Mexican labor migration yields a new labor supply curve, S1, which is the combination of domestic labor supply and Mexican labor. Given this: (c) What is total weekly labor income?(d) What is the weekly income earned by U.S. capital owners?
- Part 1: Class, many individuals feel that they have little influence over the wage rate they receive, and that employers decide unilaterally what wage they will pay. How do you square this fact with the model of wage determination presented in this unit? Part 2: Who does federal minimum wage help and who does it harm? Does raising the current level of the minimum wage increase unemployment, drive business away, or harm the very poor? Will a higher minimum wage raise the standard of living and buying power of the wage earners?(Resource Demand and Supply) Answer each of the following questions about the labor market: a. Which economic decision-makers determine the demand for labor? What is their goal, and what decision criteria do they use in trying to reach that goal? b. Which economic decision-makers determine the supply of labor? What is their goal and what decision criteria do they use in trying to reach that goal? c. In what sense is the demand for labor a derived demand?Give typing answer with explanation and conclusion Question: Like social security, the Fair Labor standards Act a) All of these b) Applied to workers in large-scale enterprises c) Did not apply to women in domestic labor jobs D) did not apply to farm workers
- Economic mobility refers to __________________. A company's ability to pay its bills from cash or from assets that can be turned into cash very quic Recessions (caused by Capitalism?) make things worse for the poor because they are so vulnerable to price fluctuations We are losing the middle class and the U.S. is becoming more separated into rich and/vs. poor. The ability of an individual, family or some other group to improve (or lower) their economic status—usually measured in income. A company's ability to pay its bills from cash or from assets that can be turned into cash very quicklyHow much output is produced when 4 workers are hired? 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.7. Wages and salaries comprise the price of labour. What happens to the market forlabour when immigration increases?(A) Demand rises; wages go up.(B) Demand declines; wages go down.(C) Supply rises; wages go down.(D) Supply declines; wages go up 8. Under a Malthusian paradigm, why do wars, pandemics, and famines cause a temporary increase in per-capita wealth? (A) The corporations associated with weapons, pharmaceuticals, and agriculture profit, thus increasing economic growth.(B) The available resources are shared between fewer individuals, since many have died.(C) The available resources increase in price, since demand rises.(D) Per-capita wealth never rises under a Malthusian paradigm. 13. According to Statistics Canada (base year=2002), the CPI in Canada for 1914 is 6. In 2020, the CPI is 137. Suppose that in 1914, $20.67 could purchase a custom tailored suit. How much is this in 2020 dollars?(A) $9.05.(B) $471.97.(C) $0.91.(D) $4,719.65.
- 9. Structural unemployment occurs becauseA. it takes time for workers to search for the jobs that best suit their tastes and skills.B. minimum wage laws force the wages to remain above their equilibrium levels.C. some people are economically inactive.D. the number of jobs available in some labour markets is insufficient to provide a job for everyone who wants one. PROVIDE A BRIEF WRITTEN EXPLANATION JUSTIFYING YOUR CHOICE.Chose the trrue statement. a. Sincce the mid 1800ss , Unitedd States of America has experienced substantial migration in workforce in the following order: From service sector to agriculture, and then from agriculture to manufacturing. b. Moderniization or advances in technology, and smarrter processes are example factors that have increased manufacturing productivity in the US. c. The Clarrk-Fisher hypothhesis implies that as productivity increases in one sector, the labor force moves to another sector. d. b and c are true.Question. 1 - word count should be around 100-150 words Maryam is a young woman who has just started her career. She works 40 hours a week and makes a good wage. One day she wins 1 million naira. Based on the theory of labor supply, how does this affect her hours of work. ( add graph)
