Elisa and Clyde operate a retail sports memorabilia shop. For
the current year, sales revenue is $55,000 and expenses are as
follows:
Cost of goods sold
$21,000
Advertising
1,000
Utilities
2,000
Rent
4,500
Insurance
1,500
Wages to Boyd
8,000
Elisa and Clyde pay $8,000 in wages to Boyd, a part-time
employee. Because this amount is $1,000 below the minimum wage,
Boyd threatens to file a complaint with the appropriate Federal
agency. Although Elisa and Clyde pay no attention to Boyd's...