Ask Question
BusinessBusiness
24 October, 04:40

1. Suppose the equilibrium wage for unskilled workers in New Jersey is $7 per hour. How will the wages and employment of unskilled workers in New Jersey change if the state legislature raises the minimum wage from $5.15 per hour to $6 per hour?

+4
Answers (1)
  1. 24 October, 08:04
    0
    Consider the following explanation.

    Explanation:

    Marginal product MP is the increase in production of good because of unit increase in labor. Value of marginal product VMP is the increase in value of production of goods because of unit increase in labor.

    The minimum wage is a regulation where the person who hired the labor needs to pay minimum wage and cannot pay below that. Here, the minimum wage is below the competitive market rate so it will not make any difference because the workers are already getting $7 as wage which is more than the minimum wage which is $6.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “1. Suppose the equilibrium wage for unskilled workers in New Jersey is $7 per hour. How will the wages and employment of unskilled workers ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Megan considered the median income and median value of homes in different cities to measure economic inequality. what is the unit of analysis in her study?
Answers (1)
Which of the following does a firm possess when it can outperform other firms in the same industry or the industry average over a prolonged period of time?
Answers (1)
A global strategy allows for: the leading companies to compete for the biggest share of the world market, but only occasionally compete head to head in different countries.
Answers (1)
Discretionary fiscal policy a. may reassure investors and consumers that the federal government will be able to avert a major economic downturn. b. is not very effective in influencing real gdp during normal times because of time lags. c.
Answers (1)
When managers of firms in a competitive market observe falling profits, they may infer that the market is experiencing a. a violation of conventional market forces. b. over-investment. c. the entry of new firms. d. too few firms in the market.
Answers (1)
New Questions in Business
The following costs result from the production and sale of 4,450 drum sets manufactured by Tight Drums Company for the year ended December 31, 2019. The drum sets sell for $295 each. The company has a 30% income tax rate.
Answers (1)
The person who receives financial protection from a life insurance plan is called a what?
Answers (1)
In 1990, Roche, a Swiss pharmaceutical company, initially invested $2.1 billion to purchase a controlling interest in the biotech startup Genentech.
Answers (1)
Five years ago, Weed Go Inc. earned $1.50 per share. Its earnings this year were $3.20. What was the growth rate in earnings per share (EPS) over the 5-year period? Group of answer choices a. 18.94% b. 18.04% c. 16.36% d. 17.18% e. 15.54%
Answers (1)
The starting salaries of individuals with an MBA degree are normally distributed with a mean of $40,000 and a standard deviation of $5,000. Refer to Exhibit 6-4.
Answers (1)
Home » Business » 1. Suppose the equilibrium wage for unskilled workers in New Jersey is $7 per hour. How will the wages and employment of unskilled workers in New Jersey change if the state legislature raises the minimum wage from $5.15 per hour to $6 per hour?
Sign Up Forgot Password?