Many people feel the federal minimum wage of $7.25 is too low, and a minimum wage...

Many people feel the federal minimum wage of $7.25 is too low, and a minimum wage closer to $9 is more appropriate. List three arguments for raising the federal minimum wage OR three arguments against raising the federal minimum wage. I would like two arguments to be from the notes, and one to be your own argument. Please make the case, rather than just provide bullet points.

Expert Solution

Rahul Sunny answered 1 year ago

In 2012, many unskilled workers in the United States earned the federal minimum wage of $7.25...

In 2012, many unskilled workers in the United States earned the federal minimum wage of $7.25 per hour. By contrast, average earnings in 2012 were about $28.00 per hour, and certain highly skilled professionals, such as doctors and lawyers, earned $140.00 or more per hour. Instructions: In parts a, c, and d, round your answers to 2 decimal places. In part b, enter your answers as whole numbers . a. If we assume that wage differences are caused solely by...

In 2018, many unskilled workers in the United States earned the federal minimum wage of $7.25...

In 2018, many unskilled workers in the United States earned the federal minimum wage of $7.25 per hour. By contrast, average earnings in 2018 were about $27 per hour, and certain highly skilled professionals, such as doctors and lawyers, earned $100 or more per hour. Instructions: In part a, round your answers to 2 decimal places. For all other parts, enter your answers as a whole number unless otherwise indicated. a. If we assume that wage differences are caused solely...

Minimum Wage Laws: The current federal minimum wage is $7.25. However, we have a wide variety...

Minimum Wage Laws: The current federal minimum wage is $7.25. However, we have a wide variety among laws enacted by the states across America. Take a look at this link https://www.dol.gov/whd/minwage/america.htm It is one the largest unresolved debates in Economics. On the one hand, the minimum wage creates a surplus of labor and creates more unemployment (often for the most unskilled labor). On the other hand, it provides a minimum sustainable living wage to people who have no chance of...

What is your opinion of the minimum wage? Is it too high or too low? Explain....

What is your opinion of the minimum wage? Is it too high or too low? Explain. If the current minimum wage is above what the market would ordinarily bear (equilibrium wage in that market), and there is a proposal to raise the wage, explain the economic effects of the proposal on wages, employment, product prices and costs of the products the minimum wage labor produces (a graph may be useful here). How important is the assumption of the proposed wage...

The U.S. federal minimum wage currently stands at $7.25 an hour. In the years since, 29...

The U.S. federal minimum wage currently stands at $7.25 an hour. In the years since, 29 states and the District of Columbia have established minimum wages above this federal level. How do minimum wage laws affect the equilibrium in the labor market?

Economists commonly teach that minimum wages cause some unemployment.The federal minimum wage is $7.25/hour, but roughly...

Economists commonly teach that minimum wages cause some unemployment.The federal minimum wage is $7.25/hour, but roughly 33% of states have higher state minimum wages. a. Why cant you test the "minimum wages cause unemployment" theory by simply comparing unemployment rates across states with different minimum wages? b. What would be a better way to test this hypothesis?

Let’s explore how a 20% increase in the federal minimum wage from $7.25 to $8.70 would...

Let’s explore how a 20% increase in the federal minimum wage from $7.25 to $8.70 would affect workers and employers. Currently, about 8 million people (out of a total of 140 million workers) earn between $7.25 and $8.70. To predict how a 20% increase in the minimum wage would affect workers and employers, we need to know something about the elasticity of demand for low skill labor. Throughout the problem, assume workers average 25 hours per week. Many economists have...

On July 24, 2009, the federal minimum wage rose to $7.25 per hour for most occupations...

On July 24, 2009, the federal minimum wage rose to $7.25 per hour for most occupations in the private sector. While many states and cities have set their own minimum wage above this federal level, and 18 states raised their minimum wage on January 1, 2018, the federal minimum wage has remained at $7.25 per hour. Over the past several years, support for an increase in the federal minimum wage has come from a wide variety of sources. Many of...

In 2015, many unskilled workers in the United States earned thefederal minimum wage of $7.25...

In 2015, many unskilled workers in the United States earned the federal minimum wage of $7.25 per hour. By contrast, average earnings in 2015 were about $27.00 per hour, and certain highly skilled professionals, such as doctors and lawyers, earned $135.00 or more per hour.a. If we assume that wage differences are caused solely by differences in productivity, how many times more productive was the average worker than a worker being paid the federal minimum wage? How many times more...

On July 24, 2009, the federal minimum wage rose to $7.25 per hour for most occupations in the private sector.

Economics Assessment: Social ResponsibilityOn July 24, 2009, the federal minimum wage rose to $7.25 per hour for most occupations in the private sector. While many states and cities have set their own minimum wage above this federal level, and 18 states raised their minimum wage on January 1, 2018, the federal minimum wage has remained at $7.25 per hour. Over the past several years, support for an increase in the federal minimum wage has come from a wide variety of...

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