Posted: October 5th, 2022

“The Minimum Wage” from Chapter 6 “Supply,

Project 1 Questions: Week 2 & Week three

Case Examine:1 (5 Marks)
Please learn the case “The Minimum Wage” from Chapter 6 “Provide, Demand, and Authorities Insurance policies” Web page: – 117 given in your textbook – “Rules of Macroeconomics”. A case examine discusses the federal minimum-wage legislation.

Questions: 1
a. Suppose the minimal wage is above the equilibrium wage out there for unskilled labor. Utilizing a provide and-demand diagram of the marketplace for unskilled labor, present the market wage, the variety of staff who’re employed, and the variety of staff who’re unemployed. Additionally present the entire wage funds to unskilled staff. (100 – 150 phrases – 1.25 level)

b. Now suppose the secretary of labor proposes a rise within the minimal wage. What impact would this enhance have on employment? Does the change in employment rely on the elasticity of demand, the elasticity of provide, each elasticities, or neither? (100 – 150 phrases – 1.25 level) Now, as an example that the secretary of labor needs to lift the minimal wage. How would this have an effect on the variety of jobs? Does the change in employment rely on how elastic demand is, how elastic provide is, each, or neither? (100–150 phrases, 1.25 factors)

c. What impact would this enhance within the minimal wage have on unemployment? Does the change in unemployment rely on the elasticity of demand, the elasticity of provide, each elasticities, or neither? (100 – 150 phrases – 1.25 level)

d. If the demand for unskilled labor had been inelastic, would the proposed enhance within the minimal wage elevate or decrease complete wage funds to unskilled staff? Would your reply change if the demand for unskilled labor had been elastic? (100 – 150 phrases – 1.25 level)

Necessary Observe: – Help your submission with course materials ideas, rules, and theories from the textbook.

Questions: 2 (5 Marks)
a. Ought to a nation are inclined to export or import items for which it has a comparative benefit? Clarify. Why do economists oppose insurance policies that prohibit commerce amongst nations? (Minimum 500 phrases). (2.5 Marks)

b. Maria can learn 80 pages of economics in an hour. She will be able to additionally learn 40 pages of sociology in an hour. She spends 6 hours per day learning. (2.5 Marks)
1. Draw Maria’s manufacturing prospects frontier for studying economics and sociology.
2. What’s Maria’s alternative value of studying 120 pages of sociology?

Reply:

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