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How did the two studies on Seattle minimum wage rise in 2015 give seamingly contradictory results?
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- Identify what sort of effects the following listed events have.You are required to define the market under study (for example: the labour market, oilmarket, etc). Explain whether the event acts on the demand or supply side, and whether theevent leads to a quantity or price change, or leads to a shift in demand and/or supply.Make sure to explain what sort of assumptions you are making on the elasticities of demandand supply.a) An increase in oil prices as a consequence of a price dispute in the world oil marketsb) The implementation of a minimum wagec) The implementation of subsidies to milk producers in Australiad) The implementation of a Carbon tax in the economy. A Carbon tax is charged according tothe level of emissions of greenhouse gases in an economy.e) The implementation of an increase in tuition in University studies. all a to e.What are the pros and cons of increased minimum wage on the economy?New answer with bold points
- What factors might explain why states pass minimum wages higher than the federal level? There are many correct answers, including economic and noneconomic reasonsSuppose the following graph shows the supply of and demand for admission to York University, where supply represents the number of student openings and demand represents the number of students who want to attend York U (that is, the number of student applications) at any given level of tuition. Use the graph to help you answer the questions that follow. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther. Admission to York University 84 Supply 70 Demand Supply 28 Demand 14 8 10 12 NUMBER OF STUDENTS (Thousands) TUITION (Thousands of dollars)MI22 APF X Recordings - OneD x Calendar - Armstro X Mail - Armstrong, x Topic: Economic E X Recordings - Onel X Price Elasticity of D x + om/courses/967/assignments/14531 3.3 Suppose that the minimum wage rate increases. Due to the increase in the minimum wage rate, the cost of the production factor labour increase. 3.3.1 Illustrate and explain how the increased wage rate will affect the equilibrium price and quantity in the market for milk. (6) SECTION C Question 4: [10] Read the following scenario and answer the succeeding questions. Scenario 3: Consider the following business entity named Beta-Blockers in answering the succeeding questions. Beta-Blockers is the primary seller of high blood pressure medication, and consumers are not sensitive to price changes due to the chronic medication the entity sells. Suppose that the price of the medicine increases from R100 to R150 per packet, and as a result, the quantity demanded decreases from 1100 packets to 800 packets. For scenario 3,…
- Distinguish carefully between a minimum wage and a wage subsidy as alternative policies to assist low-wage workers. Explain your answer.(needs to be at least 100 words )The availability of alternative entertainment methods has resulted in a large decrease in theme-park visitors. To help the theme-park operators, the government is contemplating imposing a price floor for theme-park tickets or provide a subsidy to theme park visitors. Appraise the welfare effects of these two policies with suitable theme-mark market diagrams. Your diagrams should take into consideration of the price elasticity of demand and supply of theme-park in general. For Price Floor, is the PED = elastic and PES = inelastic? For Subsidy, is the PED = elastic and PES = inelastic? Please explain whyBefore Fair Work Commission in Australia announced its formal decision to increase Australian minimum wage by 5.2 percent, the following prominent politician and peak bodies voiced their opinion on their desired increase for Australia’s minimum wage rate: ● In April 2022, the Australian Council of Trade Unions (ACTU) urged for an increase of 5.5 percent for minimum wage rate. ● In May 2022, the Australian Chamber of Commerce and Industry (ACCI) proposed an increase of 3 percent for minimum wage rate. ● In May 2022, current Prime Minister Anthony Albanese said during the federal election campaign he wanted the minimum wage increase to be 5.1 percent. On 15 June 2022, Fair Work Commission in Australia announced its formal decision to increase Australian minimum wage by 5.2 percent. Questions 3.1 Using a diagram, explain and illustrate the economic impact of this increase of 5.2% in the minimum wage rate on the Australian labour market. (Note: Your group must draw a diagram that shows…
- Show the diagram or graph for the question of, Assume that the supply of low-skilled workers is fairly elastic, but the employers demand for such workers is fairly inelastic, is it better to focus on policy tools to shift the supply of unskilled labor or on tools to shift the demand for unskilled labor?The most prominent example of a price floor in industrialized market economies is a minimum (or award) wage. Demonstrate how a minimum wage is likely to affect the total number of workers employed and the unemployment rate. Are all workers made better off by an increase in the minimum wage? Explain. What is the key determinant of the magnitude of the cost of an increase in the minimum wage? What Australian legislation provides a safety net of minimum entitlements for employees?Figure 19-6 25.00 Demand Supply 22.50 20.00 17.50 15.00 12.50 10.00 7.50 5.00 2.50 10 20 30 40 50 60 70 80 90 100 QUANTITY OF LABOR (Worker hours) Refer to Figure 19-6 . This figure depicts labor demand and supply for the widget industry. The market equilibrium wage is $15. If the minimum wage in the economy is $10, how many hours of labor will be demanded from firms in the widget industry? Оа. 10 Ob. o Ос. 60 Od. 90 WAGE
