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What is are the economical impacts of increased minimum wage? (Example: from years 2015-2021
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- Suppose that the equilibrium wage for teachers in Iowa is $15/hour. Also suppose that Iowa raises its minimum wage to $14/hour. Because the equilibrium wage for teachers is (a) the new minimum wage, we would expect the number of teachers employed to (b) at the new minimum wage. (c) There will be of teachers.Many cities and states are either raising minimum wage to more than double the national minimum or are considering doing so. Explain the positives of raising the minimum wage and also explain the potential drawbacks, including an explanation of the possible effects on unemployment. Explain.Explain four ways in which a firm might increase its profits by raising the wages it pays sentence.
- A company called Tramlaw has become the only employer in the local market for retail labor. The marginal value (extra profit before wages) of hiring an additional worker-hour is ?? = 60 − ?, where ?? is marginal value and ? is the hours of labor worked. The supply of workers is given as ? = ? 2 , where ? is the wage (the price of labor). Assume Tramlaw pays all retail workers in this market the same wage. For parts (a) and (b), ignore the numbers and equations (though you could use the equations as hints). a. Explain in words why Tramlaw’s marginal cost of hiring an additional worker-hour is higher than supply, which represents the marginal cost to the worker of providing an additional hour of labor. b. Draw a market diagram of Tramlaw’s local labor monopsony, including marginal value (MV), supply (S), and marginal cost (MC). Graphically indicate the monopsonist’s profit-maximizing quantity of labor ??, wage ??, the efficient quantity of labor ? ∗ , and any deadweight loss (DWL)…Assume that the supply of electrical technicians is low so a firm hires a group of them at $18 per hour. Two years later, due to a recession, the supply of technicians is high so the market rate for them is now $15 per hour. Should the firm pay new hires $18 or $15? Given that the firm bases pay on supply and demand, should it lower the pay of existing mechanics to $15Discuss the effects of minimum wage legislation on employment .
- What are the arguments for and against raising the minimum wage? Use graphical analysis to illustrate your reasoning.On April 1, 2009, in the middle of a recession, the government of the province of Ontario, Canada increased the provincial minimum wage from $8.75 to $9.50. What will the likely effect of this policy be?What are the welfare effects of a binding minimum wage? Use a graphical approach to show what happens if all workers are identical. Then describe in writing what is likely to happen to workers who differ by experience, education. age, gender, and race.
- the supply of labor will not change if all pricess and wage rates increase by the same percentage? is that is falsePlease answer the following in at least 200 words. What are your thoughts about the minimum wage laws? What are the good points and bad points? How do minimum wage laws affect the economy and unemployment as a whole? Provide some examples of your own to support your position.Calculate the effects on the equilibrium price and quantity of a 100 percent increase in the wage rate.Show the necessary solutions.
