A politician is proposing increasing the minimum wage. You tell them that the change in the...

A politician is proposing increasing the minimum wage. You tell them that the change in the number of jobs and unemployment depends on the elasticities of supply and demand. What pictures would you draw to show the size of the change in number of jobs available depends on the elasticity of demand? Give amount of pictures you would make, what would be on each axis, and the lines and curves that would be drawn.

Expert Solution

Rahul Sunny answered 2 years ago

A smaller profit would be a deterrent for businesses in increasing the minimum wage if the...

A smaller profit would be a deterrent for businesses in increasing the minimum wage if the new minimum wage is too costly for the business. If a business's profit is insufficient to support its owners, the business is unsuccessful and will likely go under. If those same business owners could make more money, or a greater profit, on a different business venture or as employees themselves, then they will likely do that instead. In economics, profit is considered total revenue...

How can small businesses thrive with minimum wage present and increasing?

A politician says, We could help low-wage workers by offering them tax credits like the earned...

A politician says, We could help low-wage workers by offering them tax credits like the earned income tax credit, but it would be cheaper to do it by raising the minimum wage because that would cost the government nothing ." Evaluate this argument .

Is there any reason why increasing the minimum wage could potentially be beneficial for the working...

Is there any reason why increasing the minimum wage could potentially be beneficial for the working class and the economy as a whole?

1- Explain who will get the most and the least benefit of increasing the minimum wage...

1- Explain who will get the most and the least benefit of increasing the minimum wage 2- If you could set the minimum wage, what things would you consider for how high or low it should be? 3- increasing the minimum wage to $15 (a) Is this an example of price control? Is it a price ceiling or price floor? (b) What does classical economics suggest will happen based on you answer in (a)?

Question: What are the economic costs and benefits associated with increasing the minimum wage to $15/hour....

Question: What are the economic costs and benefits associated with increasing the minimum wage to $15/hour. Consider any important non-economic factors in your arguments. Draft the memo from ONLY ONE of the following perspectives: You work as an economic analyst at a conservative think tank and your manager wants you to submit a memo to him opposing the increase in the federal minimum wage. He needs it to help him prep for his participation on Fox News later that week....

The following table represents the percentage of voters, by age, who favor increasing the minimum wage...

The following table represents the percentage of voters, by age, who favor increasing the minimum wage in a particular city. Ages 18 - 29 30 - 39 40 - 49 50 - 59 60 and up Percentage 70% 30% 35% 15% 20% a) Would a pie chart be appropriate for this data? Explain why or why not. b) Would a Pareto chart be appropriate for this data? Explain why or why not.

Discuss how increasing the minimum wage affects demand and supply for labor. should be left to...

Discuss how increasing the minimum wage affects demand and supply for labor. should be left to market forces or influenced by the government

Is the minimum wage a living wage? Under what circumstances would a minimum wage be a...

Is the minimum wage a living wage? Under what circumstances would a minimum wage be a nonbinding price floor? Under what circumstances would a living wage be a binding price floor? Should the government enforce a minimum wage? Should the government implement a living wage?

Suppose you are a politician debating the merits of a policy change in entitlement spending that...

Suppose you are a politician debating the merits of a policy change in entitlement spending that will lead to an increase in the projected budget deficit over many years. a) Give alternative perspectives on this deficit spending. Why might the deficits not be quite as bad as they seem? Why might they be worse? b) Suppose an economist points out that the policy change will increase “generational imbalance”. Describe what this means and the consequences for intergenerational equity...

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