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24 October, 03:57

A toy manufacturing company currently produces 100 toys each day. The workers at that company earn $15 per hour. However, the government establishes a minimum wage of $24 per hour. The company cannot afford to keep all its workers, so it lays off some employees. How many people lose their jobs?

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  1. 24 October, 04:00
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    Given:

    produces 100 toys each day

    workers at that company earn $15 per hour

    minimum wage of $24 per hour

    Required: How many people lose their jobs?

    Solution:

    assuming that in a day, 8 hours of work is required,

    100 toys per day (1 day / 8 hours) = 12.5 toys

    workers at that company earn $15 per hour (8 hours) = $120

    minimum wage of $24 per hour (8 hours) = $192

    120/192 x 100% = 62.5%

    100 - 62.5 = 37.5

    about 37.5% would lose their job
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