ECON2001
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#1 MINIMUM WAGE
Sources: https://www150.statcan.gc.ca/t1/tbl1/en/cv.action?pid=1810000402#timeframe and
https://www150.statcan.gc.ca/n1/pub/75-004-m/75-004-m2019003-eng.htm
- The min wage values for 2015-2020 are nominal, i.e., measured in C$, not adjusted for
inflation. AB, BC and ONT had highest min wages.
- The percentage change in the general price levels is the inflation rate. The total inflation
between Feb 2015 and Feb 2020 was around 10%.
- The approximate “real” min wage increase can be expressed as the percentage change in the
nominal min wage minus the inflation rate. This “real” min wage increase reflects increase in
purchasing power. For example, AB had a 47% increase in nominal wage, but inflation was
10%, hence workers had an approximately 37% increase in buying power between 2015 and
2020.
- Studies have found that in the last 20 years, average nominal wage grew by about 2.7%
annually while average min wage grew by 3.5%.
- Average wages in the provinces were approximately double their min wages (data from 2018)
– this is important info… later on page 5.
- Sources: https://canadiandimension.com/articles/view/who-earns-minimum-wage and
https://www150.statcan.gc.ca/n1/pub/75-004-m/75-004
-m2019003-eng.htm
- Determination of min wage: By legislation, politicians, economic cycles, special committees,
etc.
The guiding principle is that workers earning min wage should be able to “survive” and min
wage increases are often indexed to inflation. For example, in QC, if min wage is $13.1 and
average work week is 40 hours, then annual pre-tax income is $27,000. What is this $27,000 in
economic context? What is “poverty”?
- Rule of thumb – Half of median or average income: In 2020, QC’s median income was
$39,300 and average was $48,400 .
- More specific – Low-income cut-off (LICO) : Suppose the average Canadian spends 43% of
after-tax income on necessities (food, shelter and transportation). LICO is the income of those
who spend 63% of such income on necessities, i.e., 20 percentage points higher than average.
LICO is adjusted by the size of households and population density. In 2020, LICO was $14,430
for one-person households in areas with a population below 1,000, $22,060 for one person-
households in areas with a population of at least 500,000, and so on
- contrast with $27,000.
- Since 2020: Min wages have increased but inflation has jumped from 2% to 7% in 2022. This
is likely to be temporary. The Bank of Canada will raise interest rates to cut inflation… subject
for Intro to Macro Econ 203… why do you think inflation has risen recently?
- Reasons: #1
#2
#3
Interest rates to counter inflation
oil price (Russia oil)
borrowing costs for
Makes demand go down
Food export ukraine
house buys
(ii)
Data 2: Who are these workers?
Source: https://www150.statcan.gc.ca/n1/pub/75-006-x/2018001/article/54974-eng.htm
- The total employment in 2017 was 16.83 million and 1.0181 million earned min wage,
so about 6% were min wage workers.
- The unemployment rate for youth aged 15 to 24 was around 10.3%; around 7% for overall
Canada.
- What percentage of min wage earners rely on min wage as their main source of
income? ______________15%________________
- What percentage of the total is lone/single parent families with child or children under
the age of 18? ______2%____________
- Between 2017 and 2018, the number of min wage workers in Canada increased by 61%,
pushing the share of min wage workers from 6% to 10% of all Canadian workers. ONT topped
at 15%, which coincided with the 21% increase in min wage ($11.6 to $14). Two reasons for
ONT’s sharp increase in min wage workers:
_______________________________________________________________
- Sources: https://www.fraserinstitute.org/article/raising-the-minimum-wage-is-not-the-right-
policy-to-help-struggling-families, https://www150.statcan.gc.ca/n1/pub/75-004-m/75-004-
m2019003-eng.htm, https://www.bankofcanada.ca/wp-content/uploads/2017/12/san2017-26.pdf
and https://www.savvynewcanadians.com/minimum-wage-canada/#:~:text=Ontario
%20Minimum%20Wage%20History,-Ontario's%20minimum%20wage&text=October%201%2C
%202020%3A%20%2414.25,October%201%2C%202016%3A%20%2411.40
(iii)
Data 3: What are some of their characteristics?
Source: https://www150.statcan.gc.ca/n1/pub/75-006-x/2018001/article/54974-eng.htm
- Which group relies almost solely on min wage as its main source of work income (excluding
other incomes)? _________GROUP 2___________
- In which sector are min wage workers most likely to work?______FOOD_______________
- Men or women more likely to work for min wage? ____WOMEN___________________
- Canadian-born or immigrants more likely to work for min wage? _IMM_____________
(immigrants account for around 22% of population).
- Education attainment: __MORE LIKELY
HS____
(iv)
What does economics say?
(a)
Question #1: Does raising the min wage only affect the min wage workers?
- When the min wage rises, such as from $12 to $15, the workers who were previously earning
$12.01 to $14.99 will be paid more. This increase in wage may also extend to the workers
earning above $15, such as those previously paid $16 and $17. Therefore, the cost to the
employers is much higher than the additional $3 for each min wage worker earning $12.
(b)
Question #2: How long do workers work min wage jobs?
- Studies have shown that after one year, more than 60% of min wage workers earn more, with
an average raise of about 20%. After two years, the percentage of workers earning more than
the min wage increases to over 80%.
(c)
Question #3: Does raising the min wage cost jobs?
- Theory: When the min wage rises, labour costs for the firms will rise and they may pass some
of this cost to the consumers. The price of the products that the firms sell will likely rise. The
consumers buy less and so the firms produce less, which means some job losses. However, the
remaining workers earn a higher income and so their demand for goods and services will rise.
Altogether, the firm may not observe a drop in sales and layoffs may not be needed. The net
effect on employment is unclear.
- Data: Economists do not have a consensus on whether a min wage hike means job losses.
However, a review of over 100 studies shows that about two-thirds have found job losses. They
found that for every 10% increase, the reduction in overall employment is about 1% to 3% but
the job loss for young workers is 3% to 6%. Studies have also found that firms are likely to cut
their budget for on-the-job-training. For example, a 10% rise may imply a 28% drop in on-the-job
training expenditure. Studies have also found that firms may strategically offer fewer hours to
each worker while increasing the total number of workers hired. For example, in the US,
workers working more than 20 hours a week are eligible for retirements benefits and those
working over 30 hours are also eligible for health benefits. A study has found that for every $1
increase in the min wage, the number of workers working 20 hours or more decreased by 23%
and those working 30 hours or more decreased by 15%.
(d)
Question #4: Does raising the min wage cut poverty rates?
- The link between raising min wage and decreasing poverty rates is weak – not too surprising.
- Optional Readings: https://www.brookings.edu/opinions/three-simple-rules-poor-teens-should-
follow-to-join-the-middle-class/, https://www.brookings.edu/research/work-and-marriage-the-
way-to-end-poverty-and-welfare/ and https://www.brookings.edu/wp-
content/uploads/2016/07/CreatinganOpportunitySociety1.pdf
(e)
Question #5: To what extent can we raise the min wage and still keep job losses to a
minimum?
- Some studies have also found that the min wage can be raised to around 50% of the
economy’s overall average wage with little job loss to the workers who earn the min wage... link
to page 1. For example, the average wage in San Francisco is around US$35 and its min wage
is around US$17. Min wage workers have experienced little change in their employment.
- Sources: https://www.labour.gov.on.ca/english/es/pubs/mwap/section_03.php,
https://www.nber.org/papers/w12663.pdf, https://wol.iza.org/articles/employment-effects-of-
minimum-wages/long, https://globalnews.ca/news/3943682/minimum-wage-hike-ontario-
alberta/, https://www.fraserinstitute.org/article/minimum-wage-increase-job-killer,
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/fi
le/844350/impacts_of_minimum_wages_review_of_the_international_evidence_Arindrajit_Dube
_web.pdf, https://www.jstor.org/stable/2524739, https://hbr.org/2021/06/research-when-a-higher-
minimum-wage-leads-to-lower-compensation and
https://www.sciencedirect.com/science/article/pii/S0927537116302469
#2 IMMIGRATION
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Related Questions
Workers and managers in the XYZ Company have negotiated a wage agreement under the expectation that the inflation rate will be zero over the period
of the contract. In order to protect workers against unpredictable inflation, however, the contract states that at the end of each year, the wage rate will
increase by the same percentage as the increase in the consumer price index (CPI). At the beginning of the contract, the CPI is 428 and the wage rate is
set at $12.00 an hour. At the end of the first year the CPl is 450, and at the end of the second year the CPI is 468. What will the new wage rate become at
the end of the first year? The second year? Show your work.
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In 1972 the maximum earnings of a worker subject to Social Security tax (SST) was $9,000. The maximum earnings subject to SST in 2016 is $118,500. Whatcompound annual increase has been experienced over this 44-year period of time? How does it compare with a 3% annual increase in the consumer price index over the same period of time?
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You have the following wage band
Housekeeper $ 11-12
The band is increased by 5%
What are the new wage rates for the following:
Housekeeper A 11.10
Housekeeper B 11.45
Housekeeper C 11.80
New Wage Rate = (Old Wage Rate X Raise %) + Old Wage Rate
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Apply the the Basic Conditions of Employment Act (Section 83A) to determine
whether the person described in the scenario below is an employee or an
independent contractor.
The following are extracts from Linda Mkhize contract:
She is provided with a laptop and the appropriate accounting software.
She will report to the finance manager.
She will work a 5‐day week and 9‐hours per day.
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Problem 5-3A (Algo)
The following employees of CIBA Ironworks in Bristol, linois, are pald in different frequencies. Some employees have union dues or
gamishments deducted from their pay.
Required:
Calculate their net pay using the percentage method in Appendix C (or the IRS federal income tax assistant or IRS Publication 15-T).
Include linois income tax of 4.95 percent of taxable pay. No employee has exceeded the maximum FICA limits. You do not need to
complete the number of hours. Assume that box 2 is not checked for all employees. (Round your intermediate calculations and final
ces
answers to 2 decimal places.)
Filing Status
Dependents
Union Dues
per Period
Garnishment
per Period
Employee
C. Whaley
F.Paguage
K Harvey
Frequency
Weekly
Semi-monthly
Monthly
Pay
Net Pay
MJO
010
50
$ 2.80 S
8.200 $
MA2 (17)
120
240 S
S-1 (Oher)
75
Boling
Bweekly
MJO
2.500
100
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To estimate how much you might be eligible to receive, add together the gross wages in the two highest quarters during that period, divide by 2, and then multiply by 0.0385 to get your weekly benefit amount.
My info:
I make ~$104,000 per year (gross income) so I believe each quarter I would make $26,000.
Please help me figure out how much I will get in weekly unemployement pay.
Thanks!
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Ee.74.
Chapter 10 Section 2 Problem 10 (10.02-PR010)
Using excel answer the following.
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A. What did the same set of materials cost 3 years ago?
B. If the trend continues, what will they cost 10 years from now?
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determinant of demand caused the increase and decrease and show the demand curve shift on the graph.
Determinant and Change
Increase or Decrease:
Graph
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9. Market: Paper towels this month
Scenario: Prices of paper towels are expected
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TRIBE:
10. Market: Cheese this month
Increase or Decrease:
P.
Scenario: Prices are expected to fall next
TRIBE:
month.
11. Market: Pancake market
Increase or Decrease:
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D
Q
TRIBE:
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Increase or Decrease:
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TRIBE:
D
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Increase or Decrease:
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TRIBE:
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Increase or Decrease:
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1) https://www.youtube.com/watch?v=MxDVucUZCnc
2) https://www.nytimes.com/2022/06/06/business/economy/the-potential-dark-side-of-a-white-hot-labor-market.html?campaign_id=44&emc=edit_ur_20220718&instance_id=66913&nl=new-york-today®i_id=69093598&segment_id=98818&te=1&user_id=94f85bf314c7f840b82a2e840e1cc06e
3) https://www.npr.org/sections/money/2017/09/22/552850245/episode-796-the-basic-income-experiment
please I need a short summary of these links.
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14.6 percent
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Cn
?
Chapter 16 Problems i
3
eBook
Mc
Graw
Hill
https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launch Url=ht
a
12
Refer the graph below to answer the question.
Type here to search
Wage rate ($ per hour)
f3
9
8
7
6
5
3
2
1
0
10 20 30 40 50 60 70 80 90 100
f4
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Number of people employed (in millions)
6
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Tools
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dropline 2
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Workers
1
2
3
4
MRP
5
6
7
A) 3 workers
20
18
16
14
12
If the wage rate decreases from $21 to $13, by how much will the firm expand
employment?
B) 2 workers
C) 5 workers
$24
D) 4 workers
22
22
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(6) What does efficiency-wage theory suggest as an alternative to this decision of wage and/or headcount reduction?
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The main office of a large bank has an annualturnover of 500 office workers. As an employmentofficer of this bank, discuss the sources you woulduse in obtaining replacement employees.
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True/False/Uncertain
Whether the payroll tax is assessed on workers or firms makes a difference in the labor market outcomes and changes the equilibrium wages and employment in a competitive labor market.
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The answers should…
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first week of January. The following information is for the first week in January, Year 1:
Employee Hours Worked Wage Rate per Hour
Kelly
54
$20
$25
Jan
49
Required
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E1
3. [Employment and Unemployment] Suppose a country has a working-age population of 500people. The demand and supply functions of its labor market are:w=300-0.5L w=60+0.1Lwhere w is the wage, L is the quantity of labor. The labor market has search friction so thatthose that are looking for a job may not immediately find one even when there are openings.Specifically, Assume the number of job matches (i.e. employment) is given by: 0.8L(a) Find the equilibrium wage and the actual number of employed people. Calculate thelabor force participation rate and unemployment rate.
(b) The COVID-19 pandemic lowers the labor demand, and the new labor demand becomesw=240-0.5L. Assume that the wage can adjust quickly, find the equilibrium wage and theactual number of employed people during the pandemic.
(c) Briefly explain in words, and with a specific example of each, the difference betweenstructural and frictional unemployment.
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A dozen eggs cost $1.03 in December 1980 and $1.60 in December 2018. The average wage for workers in private industries was $7.13 per hour in December 1980 and $23.09 in December 2018.
By what percentage did the price of a dozen eggs rise?
36%
55%
57%
By what percentage did the wage rise?
32%
62%
224%
In order to earn enough to buy a dozen eggs, a worker had to work _______ minutes in December 1980 and_________ minutes in December 2018.
Workers' purchasing power in terms of eggs_________ between 1980 and 2018.
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You are HR director for a growing architecture firm in Fort Lauderdale, Florida, which currently has need of drafting 20 blueprints every hour. Each of your company’s architects can create on average four blueprints per hour. You are considering hiring four drafters to shoulder the load; each drafter is slower than the architects and can create on average only two blueprints per hour. You scan the current wages in the Ft. Lauderdale area (https://www.bls.gov/oes/current/oessrcma.htm) and notice that the architects in your company earn the local occupational median wage of $30.14 per hour, but that the prospective four drafters will likely each want to get paid their local occupational median wage of $23.52 per hour.
a. Would your company save money in the creation of the 20 blueprints by hiring the four new drafters and firing some architects?
b. The Bureau of Labor Statistics projects that employment of drafters over the next decade will drop by 1.2%, compared to an increase of…
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2) Does factor price equalization occur in the real world? Explain.
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12
120
160
200
240
280
Units of labor (millions of workers)
Refer to Figure above and find the following
of labor equal to
1) At wage rate $3, there is a
million people.
2) The productivity of workers decreases. If the equilibrium wage rate
change from
3) If this firm pays the efficient wage of $12.
to
?
www
Wage rate ($)
3.
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Assume you make $15 an hour. In the last year the Consumer Price Index (CPI) rose from 280 to 310. What would your hourly wage need to be in order to compensate for inflation?
Question 30 options:
a)
$17.30
b)
$18.25
c)
$15.84
d)
$16.61
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According to the Department of Labor, what occupation did not require a labor certificate? Group of answer choices A.
Farming, fishing and forestry B. Construction and engineering C. Business, management and administration D. Science
and medicine
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Your company has contracted to install 12,000 feet of
floodwall on the flood plain of the Oka River,
Moscow, Russia. The cost of the floodwall is
estimated at $1,000 per linear foot. Your company can
install about 1000 feet of flood-wall per month. After
one and one-half months you have installed 1250 feet
of the flood wall and have spent $950,000. What is
the value for CPI? (Round your answer to 2 decimal
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3
A profit-maximizing employer should hire workers as long as their marginal revenue product is greater than the marginal cost.
True
False
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D4)
What are the most significant trends in U.S wages over the past five years?
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Related Questions
- Workers and managers in the XYZ Company have negotiated a wage agreement under the expectation that the inflation rate will be zero over the period of the contract. In order to protect workers against unpredictable inflation, however, the contract states that at the end of each year, the wage rate will increase by the same percentage as the increase in the consumer price index (CPI). At the beginning of the contract, the CPI is 428 and the wage rate is set at $12.00 an hour. At the end of the first year the CPl is 450, and at the end of the second year the CPI is 468. What will the new wage rate become at the end of the first year? The second year? Show your work.arrow_forwardIn 1972 the maximum earnings of a worker subject to Social Security tax (SST) was $9,000. The maximum earnings subject to SST in 2016 is $118,500. Whatcompound annual increase has been experienced over this 44-year period of time? How does it compare with a 3% annual increase in the consumer price index over the same period of time?arrow_forwardYou have the following wage band Housekeeper $ 11-12 The band is increased by 5% What are the new wage rates for the following: Housekeeper A 11.10 Housekeeper B 11.45 Housekeeper C 11.80 New Wage Rate = (Old Wage Rate X Raise %) + Old Wage Ratearrow_forward
- Apply the the Basic Conditions of Employment Act (Section 83A) to determine whether the person described in the scenario below is an employee or an independent contractor. The following are extracts from Linda Mkhize contract: She is provided with a laptop and the appropriate accounting software. She will report to the finance manager. She will work a 5‐day week and 9‐hours per day.arrow_forwardProblem 5-3A (Algo) The following employees of CIBA Ironworks in Bristol, linois, are pald in different frequencies. Some employees have union dues or gamishments deducted from their pay. Required: Calculate their net pay using the percentage method in Appendix C (or the IRS federal income tax assistant or IRS Publication 15-T). Include linois income tax of 4.95 percent of taxable pay. No employee has exceeded the maximum FICA limits. You do not need to complete the number of hours. Assume that box 2 is not checked for all employees. (Round your intermediate calculations and final ces answers to 2 decimal places.) Filing Status Dependents Union Dues per Period Garnishment per Period Employee C. Whaley F.Paguage K Harvey Frequency Weekly Semi-monthly Monthly Pay Net Pay MJO 010 50 $ 2.80 S 8.200 $ MA2 (17) 120 240 S S-1 (Oher) 75 Boling Bweekly MJO 2.500 100arrow_forwardHi, I have dyscalculia and am trying to figure out my weekly unemployment benefit. Here are the instructions from the WA unemployment website: To estimate how much you might be eligible to receive, add together the gross wages in the two highest quarters during that period, divide by 2, and then multiply by 0.0385 to get your weekly benefit amount. My info: I make ~$104,000 per year (gross income) so I believe each quarter I would make $26,000. Please help me figure out how much I will get in weekly unemployement pay. Thanks!arrow_forward
- Ee.74. Chapter 10 Section 2 Problem 10 (10.02-PR010) Using excel answer the following. Shea is pricing materials (wood, wire, pipe, etc.) for new home construction on a “per unit” basis. Inflation on materials has been running at 16.0% for the past 3 years and is expected to remain at that rate for the next 10 years. The actual dollars paid for expenses at the end of year 3 for a “unit” are $55,000. A. What did the same set of materials cost 3 years ago? B. If the trend continues, what will they cost 10 years from now?arrow_forwardAssume that you take a job with flexible hours, but initially your salary was based on a 40-hour week. Your salary begins at $15 an hour, or $30,000 per year. Assuming your salary rises, at what salary (hourly wage) would you begin to work fewer than 40 hours a week> Remember the job permits flexible hours Now if your rich uncle dies and leaves you $500,000 , would this alter the wage rate at which you cut your work hours? Would the wage rate change if you have children?arrow_forwardrdcdn.com/blackboard.learn.xythos.prod/5a25b62cdb9cf/5497575?X-Blackboard-Expiration=1631804400000&X-Bla 2/ 4 100% Directions: Write below whether each factor will increase or decrease demand for the market listed, what determinant of demand caused the increase and decrease and show the demand curve shift on the graph. Determinant and Change Increase or Decrease: Graph Scenario 9. Market: Paper towels this month Scenario: Prices of paper towels are expected to rise in the future. TRIBE: 10. Market: Cheese this month Increase or Decrease: P. Scenario: Prices are expected to fall next TRIBE: month. 11. Market: Pancake market Increase or Decrease: Scenario: Prices of syrup increase. D Q TRIBE: 12. Market: Ketchup market Increase or Decrease: Scenario: Prices of hot dogs decrease TRIBE: D 13. Market: Almond milk Increase or Decrease: P Scenario: Price of dairy milk inereases TRIBE: 14. Market: Almond butter Increase or Decrease: Scenario: Price of peanut butter decreases TRIBE: 15. Market:…arrow_forward
- 1) https://www.youtube.com/watch?v=MxDVucUZCnc 2) https://www.nytimes.com/2022/06/06/business/economy/the-potential-dark-side-of-a-white-hot-labor-market.html?campaign_id=44&emc=edit_ur_20220718&instance_id=66913&nl=new-york-today®i_id=69093598&segment_id=98818&te=1&user_id=94f85bf314c7f840b82a2e840e1cc06e 3) https://www.npr.org/sections/money/2017/09/22/552850245/episode-796-the-basic-income-experiment please I need a short summary of these links.arrow_forwardJack received a $4,000 raise this year; this increased his salary as an associate television producer from $35,500 to $39,500. What percentage increase in nominal income did Jack receive? 14.6 percent 11.3 percent 10.1 percent 8.2 percentarrow_forwardwhat is employment standard act and its significanceExplain 2 Of these .(Provide examples and give relevant explanation)arrow_forward
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