What is the BENEFIT to low wage workers (workers whose wage is near the minimum wage)...

What is the BENEFIT to low wage workers (workers whose wage is near the minimum wage) of raising the minimum wage?

Expert Solution

It can be mentioned that there is a lot of benefit of increasing the minimum wage especially to the low wage earners and this is because of the fact that if the wages very low then it might not meet the minimum requirements of the poverty standard so that they might not get adequate supplies of food shelter and other basic needs so that they would be deprived and increasing the minimum wage might and about them to earn a bit more so that they can get all the necessities with which it would be possible for them to move out of the poverty lines all in all.

Rahul Sunny answered 2 years ago

Minimum wage increases are intended to benefit low-skill workers, yet unions that represent high-skill workers (electricians,...

Minimum wage increases are intended to benefit low-skill workers, yet unions that represent high-skill workers (electricians, carpenters, plumbers, etc.) are typically strongly in favor of minimum wage increases. Why?

Minimum wage laws are usually defended as a way to reduce poverty among low skilled workers.

Minimum wage laws are usually defended as a way to reduce poverty among low skilled workers. Do you think it reduce poverty among all low skilled workers? Might it increase poverty for some workers? Explain.

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Exercise 4. Cost Minimization Short and Long Run (Minimum Wage Workers) McDonald’s employs minimum wage workers operating registers to take orders. Let y be the output of orders taken in an hour, L be the number of minimum wage workers working the registers, and let K be the number of registers. The production function is y=100∙L½K½. Let the number of registers, K=4, be fixed. Are there diminishing marginal returns to labor? Explain why, and find ∂y/∂L. Let the number of...

Under what conditions might an increase in the minimum wage not reduce the number of low-wage...

Under what conditions might an increase in the minimum wage not reduce the number of low-wage jobs? How much of a job loss is acceptable?

Under what conditions might an increase in the minimum wage not reduce the number of low-wage...

Under what conditions might an increase in the minimum wage not reduce the number of low-wage jobs? How much of a job loss is acceptable? can you answer it by typing without graph please short answer

Under what conditions might an increase in the minimum wage not reduce the number of low-wage...

Under what conditions might an increase in the minimum wage not reduce the number of low-wage jobs? How much of a job loss is acceptable? can you answer this question by typing please

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What percentage of American workers get paid above minimum wage?

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15. Suppose the wage of unskilled workers is equal to the minimum wage. If a tax...

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What is the BENEFIT to low wage workers (workers whose wage is near the minimum wage)...

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Related Solutions

Minimum wage increases are intended to benefit low-skill workers, yet unions that represent high-skill workers (electricians,...

Minimum wage laws are usually defended as a way to reduce poverty among low skilled workers.

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