Analyze the impact of an increase in the minimum wage from the current level to $15 per hour.  How would the following be affected? a.  employment of people previously earning less than $15 per hour b.  the unemployment rate of teenagers c.  the availability of on-the-job training for low-skilled workers d.  the demand for high-skilled workers who are good substitutes for low-skilled workers

What are the main costs and benefits of increasing the minimum wage?

How does the minimum wage affect the price and quantity of goods

Allison is debating about hireing Jim for a new Position at her firm producing computer software. She estimates that Jim will add an additional $500 of revenue a day to her firm. a. what is the maximum wage at which Allison would be willing to hire Jim? $ ______ a day b. Suppose demand for computer software increases. This increases the value of Jim's contributions to the firm to $650. what is the maximum wage at which Allison would be willing to hire Jim? $ ____ a day c. Suppose some of the firm's capital is outdated and workers no longer have the ability to be as productive. This reduces Jim's contributions to the firm to $400. What is the maximum wage at which Allison would be willing to hire Jim? $ ____ da day d. Suppose Jim obtains a additional eduction that leads to him being more productive. This increases the value of Jim's contributions to the firm to $750. What is the maximum wage at which Allison would be willing to hire Jim? $ ____ a day

List and explain all possible direct and indirect potential impact of minimum wage on  1. Employment 2. Poverty 3. Inequality

DRAW THE MINIMUM WAGE CURVE AND EXPLAIN ALL DETAILS- DEFINITION, RESULTS,ETC.-

Wage $12 $11 $10 $9 $8 $7 $6 $5 $4 $3 $2 $1 T S Tools / $5.50 D 0 1 2 3 4 5 6 7 8 9 10 Labor $6.50 ■. The government introduces a minimum wage of $5.50. Draw a horizontal ne to identify the minimum wage on the graph.

Please respond to the following prompt: This week's focus is labor economics. 1. Lebron James makes more money than the President of the U.S. Do you believe this is fair or unfair? (Only focus on salary, not endorsements) 2. What are the non-monetary benefits you look for in a job? Why do you believe non-monetary benefits or incentives become more important than salary to prospective employees over time?

The table gives the demand and supply schedules of teenage labor.   Wage rate ($ per hour) Quantity demanded (hours per month) Quantity supplied (hours per month) 4 3000 1000 5 2500 1500 6 2000 2000 7 1500 2500 8 1000 3000   a.Calculate the equilibrium wage rate, the number of hours worked, and the quantity of unemployment.     b.If a minimum wage for teenagers is set at $5 an hour, how many hours do they work and how many hours of teenage labor are unemployed?       c.If a minimum wage is set at $7 an hour, how many hours do teenagers work and how many are unemployed?

What impact does the minimum wage have on the economy?