Begin by locating a scholarly article regardingthe effects of increases on minimum wages anddiscuss its findings. Does a minimum wageincrease lead to reductions in employment, or isthe overall effect on employment net positive?Do you agree or disagree with the results of thestudy? What do you think are other vitalconsiderations that should be taken into accountin the study? Discuss how conscious capitalismwould approach a minimum wage increase.Provide examples to support your rationale.NOT AN ESSAY200 words MAXIMUM

2021 Guide to the Australian Minimum Wage for Employers. (2021). Square. Retrieved 2021, from…

Answered: Begin by locating a scholarly article…

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter16: The Markets For Labor, Capital, And Land

Section: Chapter Questions

Problem 4P

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(a) Solve for the equilibrium wage and employment level.(b) Graph the demand and supply curves.(c) At this equilibrium, what is your welfare/gains from trade?(d) Now, assume a minimum wage has been implemented at $20. How will this impact yourdemand? Supply?(e) How many workers are displaced by this new policy? How much “extra” unemployment occurswith this new policy? Hint: Think about the reservation wage.(f) Graph the new labor demand and supply with this minimum wage.(g) At this equilibrium, what is your new welfare? Are you better off with this change? Explain.
A current debate in education is whether teachersshould be paid on a standard pay scale based solelyupon their years of training and teaching experience,or whether part of their salary should be based upontheir performance (called “merit pay”).a. Why might merit pay be desirable?b. Who might be opposed to a system of merit pay?c. What is a potential challenge of merit pay?d. A related issue: Why might a school district decideto pay teachers significantly more than the salariesoffered by surrounding districts?
The way the workers’ compensation system works now, employees permanently injured on the jobreceive a payment of $X each year whether they work or not. Suppose the government were toimplement a new program in which those who did not work at all got $0.5X but those who did work got$0.5X plus workers’ compensation of 50 cents for every hour worked (of course, this subsidy would bein addition to the wages paid by their employers). What would be the change in work incentivesassociated with this change in the way workers’ compensation payments are calculated?
When Alan Greenspan (an economist who wouldlater chair the Federal Reserve) ran a consulting firmin the 1960s, he primarily hired female economists. Heonce told the New York Times, “I always valued menand women equally, and I found that because othersdid not, good women economists were cheaper thanmen.” Is Greenspan’s behavior profit-maximizing? Isit admirable or despicable? If more employers werelike Greenspan, what would happen to the wagedifferential between men and women? Why mightother economic consulting firms at the time not havefollowed Greenspan’s business strategy?
PLEASE SOLVE PART C & D ONLY Minimum Wages and Unionsa. Assume an industry without legal minimum wages and unions. Show in a diagram how the equilibriumwage W* is determined, and briefly explain all the concepts in the diagram.b. Now suppose a minimum wage, WMIN, is legislated at a level lower than W*, i.e. WMIN<W*. Show it in thediagram and explain whether the labour market outcomes in part a. change, and how.c. Now suppose a minimum wage is legislated at a level higher than W*, i.e. WMIN>W*. Show it in thediagram and explain what the labour market outcomes will be.d. Now suppose a workers’ union is created and successfully negotiates wage WUNION, which is above bothW* and WMIN, i.e. WUNION>WMIN>W*. Explain what the labour market outcomes will be compared to theprevious part.
How do minimum wages affect wages, employment, and unemployment? In a competitive labor market, the demand for workers is given as QD = 10,000 - 100W, and the supply of workers is given as QS = 2,000 + 1,900W, where Q is the quantity of workers employed and W is the hourly wage. What is the initial equilibrium wage and employment level? Suppose that the government decides that $5 per hour is the minimum allowable wage in any market. How would this new minimum wage alter this market? What would the new employment level be? What would happen to total payments to labor? Would there be any excess supply of labor? If so, how much?
Describe what benefits may come from a reproductive policysuch as China’s. Now describe several problems that mayresult.Do you think a government should be able to enforcestrict penalties for citizens who fail to abide by such a policy?Why or why not? What alternatives to China’s policy can yousuggest for dealing with the resource demands of a rapidlygrowing population?
KINDLY ANSWER quetion "d" 5) (KEY QUESTION) Minimum Wages and Unionsa. Assume an industry without legal minimum wages and unions. Show in a diagram how the equilibriumwage W* is determined, and briefly explain all the concepts in the diagram.b. Now suppose a minimum wage, WMIN, is legislated at a level lower than W*, i.e. WMIN<W*. Show it in thediagram and explain whether the labour market outcomes in part a. change, and how.c. Now suppose a minimum wage is legislated at a level higher than W*, i.e. WMIN>W*. Show it in thediagram and explain what the labour market outcomes will be.d. Now suppose a workers’ union is created and successfully negotiates wage WUNION, which is above bothW* and WMIN, i.e. WUNION>WMIN>W*. Explain what the labour market outcomes will be compared to theprevious part
Please no written by hand Suppose all workers have the same preferences represented by U = (sqroot)w - 2x , where w is the wage and x is the proportion of the firm’s air that is composed of toxic pollutants. There are only two types of jobs in the economy, a clean job (x = 0) and a dirty job (x = 1). Let w0 be the wage paid by the clean job and w1 be the wage paid for doing the dirty job. If the clean job pays $16 per hour, what is the wage in dirty jobs? What is the compensating wage differential?
Consider a consumer who could earn $400 per week and has 50 weeks available each year to allocate between work (H) and nonmarket time (L). They have no non-labour income. Their utility function is U = C2L , where C is the value of consumption goods. What is their optimal choice for the number of weeks in nonmarket time and consumption? Show this in a diagram. Suppose the government introduces a policy that (i) offers no benefits to people who do not work, (ii) offers a wage subsidy on earnings at a rate of 25%, with a maximum benefit of $5000, and (iii) the benefit is subject to reduction at a rate of 25% for every dollar earned above $20,000 in the year. Show the person’s new budget constraint in a new diagram, and discuss how the person’s optimal choice might change (you do not have to calculate this, but point to where it is likely on the new budget constraint). Discuss how income and substitution effects play a role.
3 Imagine that the wage-schooling locus is given by w(s)=s^(1/3). What will be the optimal level of education for an individual to take if next period’s earnings in any given time are worth 95% of current earnings for that individual? ---- HINT: the answer is s=20/57. I need step by step solution
Consider a large tract of land that is used for grazing sheep. Now consider two differentproperty ownership regimes: common property ownership, in which all shepherds haveunrestricted access to the land, and private property ownership, in which there is a singlelandowner who hires shepherds up until the point where their wage is equal to the marginalproduct of their labor. Show graphically how common property resource ownership can lead toovergrazing (too many shepherds using the same open-access rangeland) in the absence ofinstitutional constraints that would ensure an efficient level of resource usage. Contrast this withprivate property ownership. On your graph, label the axes, the average and marginal products oflabor, the wage, scarcity rents, the efficient number of shepherds, and the number that would beexpected under common property ownership. Explain the source of the inefficiency. Wouldprivatization be equitable? Would it be possible to achieve an efficient resource…

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