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A minimum wage might make workers worse off Daily wages and employment are determined by supply S = 0.5w - 4 and demand D = 22 - 0.5w. Next month the government will introduce a minimum wage of 40 dollars per day. Provide a supply and demand diagram to illustrate and quantify how employer and employee surplus will be affected by this minimum wage. Shade in the area representing employee surplus after the minimum wage is introduced. With the minimum wage in operation employee surplus will be equal to _______ dollars per day.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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