Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Chapter 7, Problem 6IAPA
To determine
To show:
The effect of the $15 an hour as minimum wage on employment of fast food workers in a market for fast-food workers graphically.
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Wage
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$5
$4
$3
$2
$1
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$5.50
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■. The government introduces a minimum wage of $5.50. Draw a horizontal
ne to identify the minimum wage on the graph.
n the news on Saturday, October 3d, 2020
Geneva voted by a two-thirds majority to introduce a minimum wage of 23 Swiss francs ($25) an hour
for a 41-hour work week. That adds up to somewhere in the range of $4,100 a month, or $53,300
annually. The Geneva minimum wage is the highest minimum wage ever.
In comparison, the federal minimum wage in the US is $7.25 an hour. Across the Swiss border, in
France, the minimum wage is half Geneva's minimum wage (i.e, assume the French minimum wage
is $12.50 an hour).
The measure will be executed this month, according to an organization representing the cross-border
workers of France and Switzerland. "With these votes, Geneva has managed to maintain its
attractiveness by rejecting the closure of borders and adopting a minimum wage," the group wrote in
a brief post, lauding the decision and stating that the opposite outcome "could have jeopardized the
free movement of nearly 200,000 cross-border workers." Opponents of the new minimum wage
argued that…
What Republicans party think about Minimum wage?
Chapter 7 Solutions
Foundations of Economics (8th Edition)
Ch. 7 - Prob. 1SPPACh. 7 - Prob. 2SPPACh. 7 - Prob. 3SPPACh. 7 - Prob. 4SPPACh. 7 - Prob. 5SPPACh. 7 - Prob. 6SPPACh. 7 - Prob. 7SPPACh. 7 - Prob. 8SPPACh. 7 - Prob. 9SPPACh. 7 - Prob. 10SPPA
Ch. 7 - Prob. 11SPPACh. 7 - Prob. 1IAPACh. 7 - Prob. 2IAPACh. 7 - Prob. 3IAPACh. 7 - Prob. 4IAPACh. 7 - Prob. 5IAPACh. 7 - Prob. 6IAPACh. 7 - Prob. 7IAPACh. 7 - Prob. 8IAPACh. 7 - Prob. 9IAPACh. 7 - Prob. 1MCQCh. 7 - Prob. 2MCQCh. 7 - Prob. 3MCQCh. 7 - Prob. 4MCQCh. 7 - Prob. 5MCQCh. 7 - Prob. 6MCQCh. 7 - Prob. 7MCQCh. 7 - Prob. 8MCQ
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- Table 28-4 The following data is about the labor market in the city of Productionville. Wage Quantity Demanded Quantity Supplied (Dollars per hour) (Units) (Units) 8 6,000 16,000 7 9,000 14,000 6 12,000 12,000 5 15,000 10,000 4 18,000 8,000 Refer to Table 28-4. If the local government imposed a minimum wage of $4 in Productionville, how many people would be unemployed? О а. 3,000 O b. 10,000 О с.0 O d. 2,000arrow_forwardUse the table below to answer the following questions. Select one: OA. 30 OB. 40 Wage Rate (dollars per hour) 7 6 C. zero D. 70 E. 20 4 3 Table 6.2.2 Quantity Supplied (millions of hours) 88888 50 40 30 20 Refer to Table 6.2.2. What is the level of unemployment in millions of hours if the minimum wage is set at $3 per hour? Quantity Demanded (millions of hours) 30 40 50 60 70arrow_forward$30 a week boost to minimum wage The government increased the minimum wage by $30 a week to $570 a week. Unions wanted a $35 a week increase, but employers argued that a $35 a week increase was unaffordable. Source: ABC Australia, February 11, 2011 The graph shows a market for low-skilled labor. If the minimum wage is set at $570 a week, If the minimum wage is set at $540 a week, O A. everyone who wants a job has one; firms cannot hire all the labor they want OB. firms cannot hire all the labor they want; everyone who wants a job has one OC. everyone who wants a job has one; some people who want a job can't get one OD. some people who want a job can't get one; everyone who wants a job has one M 590- 580- 570- 560- 550- 540- 530- 520- 510- 9.8 Wage rate (dollars per week) D S 9.9 10 10.1 10.2 Quantity (millions of hours per year) O J Nextarrow_forward
- $30 a week boost to minimum wage The government increased the minimum wage by $30 a week to $570 a week. Unions wanted a $35 a week increase, but employers argued that a $35 a week. increase was unaffordable. Source: ABC Australia, February 11, 2011 The graph shows a market for low-skilled labor. If the minimum wage is set at $570 a week, If the minimum wage is set at $540 a week, OA. some people who want a job can't get one; everyone who wants a job has one B. firms cannot hire all the labor they want; everyone who wants a job has one OC. everyone who wants a job has one; firms cannot hire all the labor they want OD. everyone who wants a job has one; some people who want a job can't get one 590- 580- 570- 560- 550 540- 530- 520- 510+ 9.8 Wage rate (dollars per week) A D 9.9 10.1 10 Quantity (millions of hours per year) S 10.2 Next Q Q Garrow_forwardThe minimum wage originally was only 25 cents an hour. Today it is $7.25 an hour. Assume that Congress is considering raising the minimum wage again and your U.S. representative is asking for public opinion on this issue. Write a letter to your representative with arguments for and against a higher minimum wage.arrow_forwardGraph Minimum Wage and show the winners and losers. Who benefits and who is harmed by Minimum wage?arrow_forward
- Click on the icon to read the news clip, then complete the following steps. The graph shows the market for fast-food workers. Draw a point to show the wage rate and the number of fast-food workers employed if the minimum wage is: 1) $13.00 an hour. Label the point 1. 2) $15.00 an hour. Label the point 2. In the graph, at a minimum wage of $15.00 an hour. wage of $13.00 an hour OA. some workers are unemployed; no one is unemployed and firms have all the workers they want OB. some workers are unemployed; firms cannot hire as many workers as they want ; and at a minimum OC. firms cannot hire as many workers as they want; no one is unemployed and firms have all the workers they want D. no one is unemployed and firms have all the workers they want; some workers are unemployed M 16.00 15.00- 14.00- 13.00- 12.00- 11.00- 10.00- Wage rate (dollars per hour) 50 A S 100 150 200 250 300 350 Quantity (thousands of workers) >>> Draw only the objects specified in the question. Nextarrow_forward$30 a week boost to minimum wage The government has increased the minimum wage by $30 a week to $570 a week. Unions wanted a $35 a week increase, but employers argued that that level of increase was unaffordable and would send smaller firms to the wall. Source: ABC Australia, February 11, 2 On a graph of the market for low-skilled labor, show the effect of the $30 a week increase in the minimum wage on employment of low-skilled labor. The graph shows the market for low-skilled labor. The y-axis label is and the x-axis label is Draw a point on the market supply curve and label it S. Draw a point on the market demand curve and label it D. Draw a point to show the wage rate and workers employed if the minimum wage is set at: 1) $540 a week. Label the point 1. 2) $570 a week. Label the point 2. Draw an arrow to show the change in employment from the increase in the 590- 580- 570- 560- 550- 540- 530- 520- 510- 980 Y 990 1000 X 1010 1020 >>> Draw only the objects specified in the question.…arrow_forwardWhich of the following is the most likely result of an increase in the minimum wage? a.a decrease in the employment of unskilled workers b.an increase in the demand for unskilled workers c.a decrease in the number of workers seeking minimum wage jobs d.an increase in the employment of unskilled workersarrow_forward
- $30 a week boost to minimum wage The government has increased the minimum wage by $30 a week to $570 a week. Unions wanted a $35 a week increase, but employers argued that that level of increase was unaffordable and would send smaller firms to the wall. Source: ABC Australia, February 11, 2 On a graph of the market for low-skilled labor, show the effect of the $30 a week increase in the minimum wage on employment of low-skilled labor. The graph shows the market for low-skilled labor. The y-axis label is Workers per week Workers per week and the x-axis label is Draw a point on the market supply curve and label it S. Draw a point on the market demand curve and label it D. Draw a point to show the wage rate and workers employed if the minimum wage is set at: 1) $540 a week. Label the point 1. 2) $570 a week. Label the point 2. Draw an arrow to show the change in employment from the increase in the M 590- 580- 570- 560- 550- 540- 530- 520- 510- 980 Y 990 1000 X 1010 1020 >>> Draw only the…arrow_forwardTwenty-nine states and the District of Columbia have a state minimum wage higher than the federal minimum wage of $7.25. A number of states and cities have increased their minimum wage to as high as $15 per hour. Suppose that North Carolina lawmakers are considering raising the North Carolina minimum wage to $15. Would that higher minimum wage be A Good Thing or A Bad Thing for you? If you could vote on this proposal, would you vote to raise the minimum wage or would you vote to keep it where it is? Justify your answer. Be sure to incorporate positive economic analysis (that is, the economic effects of the higher minimum wage) as well as normative economics (your opinion about whether this would be Good or Bad).arrow_forwardHow does an increase in the minimum wage affect the economy ?arrow_forward
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