What do you tell your boss (estimate of the number of additional workers in Manila who would lose their jobs as a result of a higher minimum wage)?
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[5th_item] *problem situation in the photo below*
Required:
- What do you tell your boss (estimate of the number of additional workers in Manila who would lose their jobs as a result of a higher minimum wage)?
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Solved in 2 steps
- Assume that the supply of law-skilled worker is fairly elastic, but the employers demand for such workers is fairly inelastic. If the policy goal is to expand employment for low-skilled workers, 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? What if the policy goal is to raise wages for this group? Explain your answer with supply and demand diagrams.Explain why using the midpoint formula for calculating the elasticity of demand gives the same result whether price increases or decreases, but using the initial price and quantity instead of the average does not.9. Minimum wage legislation The following graph shows the labor market in the fast-food industry in the fictional town of Supersize City. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool 20 Market for Labor in the Fast Food Industry 18 I Wage (Dellars per hour) 6 Supply 18 Labor Demanded (Thousands of workers) Labor Supplied (Thousands of workers) 900 378 14 12 10 Demand 90 100 270 380 450 540 430 720 810 900 LABOR (Thousands of workers) WAGE (Doll ars per hour)
- In 2018, Amazon raised the annual subscription fee for its Prime membership service, which provides free two-day shiping on many goods and other benefits, from $9 to$19. Piper Jafray, an ivestment bank, estimated tha before the price increase, Prime had 77 milon U.S subscribers.3 The bank speculated that the number of memberswould fall to about 62 million. If so, what is the arc elasticy of demand for a Prime membership?4. Calculating the price elasticity of supply Antonio is a retired teacher living in San Diego who works as a caddy to supplement their normal income. At an hourly wage rate of $25, they are willing to caddy 7 hours per week. Upping the wage to $30 per hour, they are willing to caddy 12 hours per week. Using the midpoint method, the elasticity of Antonio’s labor supply between the wages of $25 and $30 per hour is approximately , which means that Antonio’s supply of labor over this wage range is .The minimum wage is set above the equilibrium wage rate. Does the minimum wage create inefficiency? Select one: A. yes B. no C. only if the supply of labor is perfectly inelastic O D. only if the supply of labor is perfectly elastic O E. only if employment exceeds the efficient amount Demand 5 10 15 20 25 30 Quantity (cups per hour) The figure above shows the demand curve for Starbucks latte. In the figure above, the demand is elastic in the range of prices between Select one: O A. $3.50 and $4.50 per cup. B. $1.75 and $2.75 per cup. C. $2.00 and $4.00 per cup. D. $2.50 and $3.50 per cup. O E. $1.00 and $2.00 per cup. Other goods (units per day) 70 60 50 40 30 20 10 PPF Pizza (thousands per day) Marginal benefit and marginal cost (units of other goods per pizza) 20 MC 15 10 MB 4 8 Pizza (thousands per day) 2 4 6. Pizza (thousands per day) The figure above shows the PPF, marginal cost curve, and marginal benefit curve for pizza. In the figure above, when 4,00o pizzas are produced, the…
- Briefl y explain how the following programs would affect the elasticity of demand for labor in the steel industry: d. A decision by the owners of steel mills to operate each mill longer than has been the practice in the past. e. An increase in the wages paid by employers in the steel industry. f. A tax on each ton of steel produced.11. Calculating the price elasticity of supply Yakov is a retired teacher living in Houston who works as a caddy to supplement their normal income. At an hourly wage rate of $40, they are willing to caddy 1 hours per week. Upping the wage to $65 per hour, they are willing to caddy 4 hours per week. Using the midpoint method, the elasticity of Yakov's labor supply between the wages of $40 and $65 per hour is approximately means that Yakov's supply of labor over this wage range is which3In the United States, the long-run elasticity of oil demand has been estimated at -0.5. Somepolicymakers and environmental scientists would like to see the United States cut back on its useof oil in the long run. We can use this elasticity estimate to get a rough measure of how high theprice of oil would have to permanently rise in order to get people to make big cuts in oilconsumption. How much would the price of oil have to permanently rise in order to cut oilconsumption by 50%?
- Suppose labor demand for low-skilled workers in the United States is w = 35 – 0.2Ewhere E is the number of workers (in millions) and w is the hourly wage. There are 100 million domestic U.S. low-skilled workers who supply labor inelastically. If the U.S. opened its borders to immigration, 25 million low-skill immigrants would enter the U.S. and supply labor inelastically. What is the market-clearing wage if immigration is not allowed? What is the market-clearing wage with open borders?In the long term, the elasticity of supply is affected most by what? O time resources О сapital O labor MAR 1 28 Мас esc 00011. Calculating the price elasticity of supply Yakov is a volunteer fire fighter living in Chicago who teaches clarinet lessons to supplement their normal income. At an hourly wage rate of $40, they are willing to teach 6 hours per week. Upping the wage to $55 per hour, they are willing to teach 8 hours per week. Using the midpoint method, the elasticity of Yakov's labor supply between the wages of $40 and $55 per hour is approximately that Yakov's supply of labor over this wage range is which means
