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How did the two studies on Seattle minimum wage rise in 2015 give seamingly contradictory results?
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- What are the pros and cons of increasing the minimum wageWith the rise of minimum wage in the U.S., will suppliers ask procurement to accept price hikes? How will procurement react?The City Council of Lincoln, Nebraska has proposed raising the minimum wage in their city up to $12.50 per hour up from the current level of $9.50. They are not sure what to do because they want people to make more money but they also want as many people as possible to have jobs. They are asking you to analyze the situation using the chart below and tell them what you think will happen if they go through with it and actually raise it to $12.50 per hour. $16.00 23,000 32,000 9,000 $12.50 $9.50 $7.50 42,000 74,000 At a Minimum Wage of $12.50 per hour what is the level of Excess Supply of Workers willing to work at that wage? 74,000 0 ↑ 51,000 quantity
- Give reasons why there should be no minimum wage lawsDescribe algebraically and graphically what the welfare effects would be of the introduction of a minimum wage set at the competitive level. Would it improve welfare if the minimum wage were set above the competitive wage? Support your answer with a graph and economic intuition.Answer C only please On December 30, 1974, the hypothetical country Alpha decided to introduce a minimum wage policy. Cities with ID numbers 11, 23, 45, 57, 60, and 61 were randomly chosen to implement this minimum wage policy. The remaining cities in country Alpha did not adopt a minimum wage policy. You are asked to empirically and theoretically evaluate the impact of the introduction of the minimum wage in country Alpha on the labour market outcomes. a) Assuming there is no labour mobility and using the basic model of minimum wage, how do you expect the introduction of this policy to change the existing equilibrium wage and employment rate in the affected cities? MY ANSWER IS UNEMPLOYMENT DECREASES b)You are then asked to empirically evaluate the impact of the implementation of the minimum wage policy on employment rate in cities that implemented the new legislation compared to the other cities. Use data only from 1974, and 1975 in your policy evaluation. First, write down a…
- For each of the following scenarios, use the drag tool to illustrate what happens to the demand curve or the supply curve in the figure below.Which of the following is the most likely outcome of minimum wage laws? an increase in both the quantity of labor supplied by workers and the quantity of labor demanded by firms an increase in the quantity of labor supplied by workers and a decrease in the quantity of labor demanded by firms a decrease in the quantity of labor supplied by workers and an increase in the quantity of labor demanded by firms a decrease in both the quantity of labor supplied by workers and the quantity of labor demanded by firmshttps://youtu.be/DqwzYoThUpg Raising the minimum wage has become a national, state, and municipal focus in recent years. The increasing disparity in income and perceived opportunity for low-income wage earners has become a significant issue for our leaders and policy makers. For this assignment conduct research on the internet for credible presentations by economists who favor increasing the minimum wage and, from those who oppose an increase to the minimum wage. Refer to your text for information (labor markets, price floors for example) that help to clarify and define the issue.Take and defend a position: The Federal Minimum Wage should be increased to $? an hour because of___________, _________. and _____________. or The Federal Minimum Wage should not be increased because of___________, _________and _____________. Refer to the attached video for necessary elements to write a strong and well defended opinion that supports your thesis.