Effects on wages and employment

Assignment Help Business Economics
Reference no: EM131888671

Make a supply and demand graph illustrating the scenario, the shock, and the predicted effects on wages and employment; write paragraph describing the graph, the scenario, and the predictions.

We all love to go to little, local ice cream shops. Many of these places hire teenagers over the summer to serve these delicious treats for us. Suppose that a new minimum wage bill comes online this summer, raising the minimum to $10/hour. Create two graphs: 1) model the market for these ice cream shop workers and how shop owners will likely respond to the minimum wage increase immediately after it happens; 2) model what would happen if a company starts selling very cheap robot ice cream servers... how does it affect the market for teenage servers. Explain in your paragraph what is going on and give arguments why your graph is reasonable.

Reference no: EM131888671

Questions Cloud

Write a personality analysis about winston churchill : You will need to select concepts or theories from two (2) distinct personality perspectives/approaches for analyzing this person's life.
What does last one say about the utility of standard errors : Lab: Exercise your R prowess! Try graphing variance against the inverse of sample size. What does the last one say about the utility of standard errors
When looking at the law of diminishing returns : When looking at the law of diminishing returns, you will find that this is when the utility of the next unit you have consumed will decrease
What rate of return did margaret earn during the year : What rate of return did Margaret earn during the year?
Effects on wages and employment : Make a supply and demand graph illustrating the scenario, the shock, and the predicted effects on wages and employment;
Financing transactions of the statement of cash flows : Prepare the cash flows from investing activities section and the schedule of noncash investing and financing transactions of the statement of cash flows
Describe the special needs that may become apparent : Describe the special needs that may become apparent during the school years and how can they be met, Module Outcome
Evaluate the academic and adaptive modifications : Evaluate whether or not the academic and adaptive modifications your peers made to their lesson plan will be effective.
Financing activities section of the statement of cash flows : Prepare the cash flows from the financing activities section of the statement of cash flows.

Reviews

Write a Review

Business Economics Questions & Answers

  Marginal cost at each total product level

The bookstore competes with a number of similar stores and therefore operates in a monopolistically competitive marketplace. Calculate the store's total revenue , marginal revenue, average total cost, and marginal cost at each total product (TP)level..

  When writing a bad-news message

When writing a bad-news message, it’s best to

  Briefly define the optimal tariff rate-terms of trade effect

Briefly define the following terms. Tariff escalation, Optimal tariff rate, Ad valorem tariff equivalent, Voluntary export restraint (VER), Terms of trade effect (of subsidy), Harmonized System (HS) of commodity Classification, Common external tariff..

  Do you think this is sustainable strategy

Many business' think that their only responsibility is to the share holders or owners- That is, to make the most amount of profit possible or to keep the stock price high. Do you think this is a sustainable strategy? Who else is a business responsibl..

  Which firm would have a larger marginal abatement cost

Assume that two power plants, Firm 1 and Firm 2, release arsenic in a small urban community that exceeds the emissions standard. To meet the standard, 40 units of SO2 must be abated in total. The two firms face the following abatement costs: In abati..

  A restrictive monetary policy

A restrictive monetary policy, all else equal, will: Stating the dollar has strengthened against the yen means the dollar has depreciated.

  What creates a monopoly

What distinguishes pure competition in the long run from pure competition in the short run?

  The rulemaking process to promulgate legislation

Choose an administrative agency you have learned about or encountered in the business world. Using this agency, create a scenario and walk the agency through the rulemaking process to promulgate legislation that pertains to your business sector of in..

  Determine the most efficient price and output

How is marginal analysis used in each of the market structures to determine the most efficient price and output?

  When the stock of money increases too rapidly

When the stock of money increases too rapidly, then the economy will likely experience. The money supply in the united states is backed by. Money that is backed by something tangible like gold

  Demand elasticity george has been selling 5000 t-shirts per

george has been selling 5000 t-shirts per month for 8.50. when he increased the price to 9.50 he sold only 4000

  Bonds from a struggling foreign nation

The U.S. recently purchased $1 billion of 30-year zero-coupon bonds from a struggling foreign nation. The bonds yield 41/2% per year interest.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd