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In 2010, many unskilled workers in the United States earned the Federal minimum wage of $7.25 per hour. By contrast, average earnings in 2010 were about $17.00 per hour, and certain highly skilled professionals, such as doctors and lawyers, earned $165.00 or more per hour. a. If we assume that wage differences are caused solely by differences in productivity, how many times more productive was the average worker than a worker being paid the Federal minimum wage? Instructions: Round your answer to two decimal places. times more productive than a minimum wage worker How many times more productive was a $165-per-hour lawyer compared to a worker earning minimum wage? Instructions: Round your answer to two decimal places. times more productive than a minimum wage worker b. Assume that there are 20 minimum-wage workers in the economy for each $165-per-hour lawyer. Also assume that both lawyers and minimum-wage workers work the same number of hours per week. If everyone works 40 hours per week, how much does a $165-per-hour lawyer earn a week? $ per week How much does a minimum-wage worker earn a week? $ per week c. Suppose that the government pairs each $165-per-hour lawyer with 20 nearby minimum-wage workers. If the government taxes 25 percent of each lawyer’s income each week and distributes it equally among the 20 minimum wage workers with whom each lawyer is paired, how much will each of those minimum-wage workers receive each week? $ each week If we divide by the number of hours worked each week, how much does each minimum-wage worker’s weekly transfer amount to on an hourly basis? Instructions: Round your answer to two decimal places. $ per hour d. What if instead the government taxed each lawyer 100 percent before dividing the money equally among the 20 minimum-wage workers with whom each lawyer is paired. How much per week will each minimum-wage worker receive? $ per week How much is that on an hourly basis? $ per hour
As an analyst at the Treasury Department, you have been asked to predict the behavior of key macroeconomic variables for different scenarios on the state of policy between the US and Europe. A temporary restrictive monetary policy in the United State..
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The reason economists use the midpoint method to compute elasticity is that:
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Instructions: Please respond to the following prompts (should be approximately 200-300 words) 1). How does the legal system work in Brazil? 2). There are several different "schools of law" that are used in the United States. Of the 7 that were discus..
The competitive rental rate of machines (capital) is the sum of forgone interest and depreciation costs the machine’s owner must pay for one period. In the case of machines that do not depreciate, the competitive rental rate of machines (capital) is..
q.the new york times reported that the inability of opec to agree last week to cut production has sent the oil market
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