Unemployment among minimum wage workers

Assignment Help Business Management
Reference no: EM131695391

The unemployment rate is the percentage of workers who are seeking a job at the prevailing wage, but who are unable to get one. When a minimum wage is imposed, it creates some unemployment among minimum wage workers. 

Suppose that the demand for labor is given by Q = 51 - 1W, where 'W' is the hourly wage rate, and the supply of labor is given by Q = 3W - 9. Imagine that a minimum wage of $20.13/hour is imposed by law. 

What will be the unemployment rate for workers in this market?

Put your answer in percentage form (e.g. 0.7648 should be entered as 76.48), and then round your answer to two decimal places. Do not include a % sign.

*Note that when the minimum wage is in effect, the number of workers who are seeking a job is found by simply plugging in $20.13 for W in supply, and the number of workers who will actually have a job is found by plugging the same $20.13 in for W in demand.

Reference no: EM131695391

Questions Cloud

Compute the revenue, expense, and profit or loss : Compute the revenue, expense, and profit/loss for each of the four years. Use FOUR DECIMAL PLACES (for calculation of percentage completed)
Discuss marketing change from county and culture to another : how does marketing change from county and culture to another. What are the implications
Establishing the standards for each cost component : Conceptual Connection: What factors should be considered in establishing the standards for each cost component?
Government collect from tariff each year : How much revenue will the government collect from this tariff each year? Round your answer to two decimal places
Unemployment among minimum wage workers : The unemployment rate is the percentage of workers who are seeking a job at the prevailing wage, but who are unable to get one.
Develop use case diagrams sequence diagram and class diagram : Software Development Specialist to develop these functionalities. Develop use case diagrams, sequence diagram and class diagrams, as appropriate.
Area of the deadweight loss : If a price ceiling of $13.71 is imposed, what will be the area of the deadweight loss?
Determine the break-even number of passengers : Ocean Escape Cruise Lines has a boat with a capacity of 1,200 passengers. Determine the break-even number of passengers for the eight-day cruise
What is the value of total revenue : What is the value of total revenue at this point? b. Where does this (QD, P) pair from part (a) sit on the demand curve?

Reviews

Write a Review

Business Management Questions & Answers

  Alcohol industry and trade agreements

Write a five page essay, using a minimum of three academic references from the Waldorf online library and proper APA formatting on the following topic: pros and cons of tariffs. All sources used, including the textbook, must be referenced; paraphr..

  Internal corporate governance and strategic

internal corporate governance and strategic decision-makingexplain the impact internal corporate governance has on

  Allocation of work assignments and resources

1) The following table shows the allocation of work assignments and resources needed for an investment firm to make a decision on investing in company XYZ. a) Create Responsibility Matrix

  Discuss jones legal situation

It turns out that Jones was negligent in performance of all the appraisals that led to material misstatements on the financial statements of all years concerned. Jones did not know that the appraisals or financial statements were misstated. Discus..

  How will you measure your quality of service

How will you measure your quality of service? What barriers might you run into in globalizing your service? Provide specific examples. In terms of the marketing mix, what specific marketing strategies will you use to distribute, price and promote thi..

  Problem regarding the business ethic class

This is for a Business Ethic Class. Please to the followig questions: Carbon emissions regulations will benefit both the nation and the environment in the long-run.

  What are the most damaging ones and why

Discuss what are the most common threats to Web browsers. What are the most damaging ones and why?

  Sum total of the values stored in the array

Prompt the user to enter 10 integers and fill a 1-dimensional array with these 10 integers. Add the integers stored in the array. Display the array and then the sum total of the values stored in the array.

  Changing demand patterns

With the changing demand patterns, fewer full bins are being required and a greater proportion of goods need to be picked at the picking stations. What alternatives may be considered to accommodate this?

  Academic and professional success

Define critical thinking as it relates to academic and professional success. What steps can a student take to improve their critical-thinking skills?

  What do you do when a relationship goes sour

What do you do when a relationship goes sour? How do you negotiate a difficult situation with someone you want to maintain a relationship with?

  Preliminary selection interviews via the web

Use the Internet to find employers who now do preliminary selection interviews via the Web. Do you think these interviews are useful? Why or why not? You should also include the pros and cons. How would you improve them?

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