Ask Question
BusinessBusiness
20 July, 09:19

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. 20 July, 09:47
    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?
Find 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 the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Audrianna gives a walking tour of a popular tourist city to one person for $ 49. To increase her business, she would lower the price by $2 per person for each additional person.
Answers (1)
Collision on city streets are largely at intersections because of
Answers (1)
All of the following are ways that governments encourage international business except? A. Letting companies sell to broker or agent B. Providing a free-trade zone C. Granting most-favored-nation status D. Establishing common markets
Answers (1)
Mario won the lottery and is receiving payments of $1,521,875 a year for the next 19 years. However, he has decided to sell this income stream and has been offered $9,968,843 for the remaining lottery payments.
Answers (1)
The opportunity cost of a decision is that: a. value of all the alternatives not chosen. b. value of the best alternative not chosen. c. cost of making the wrong choice. d. cost incurred by others who are unhappy with your decision.
Answers (1)
New Questions in Business
Maria is worried about the representativeness of her study. she is conducting interviews, but each one seems to last at least 3 hours. given that she has one month to collect her data, what strategy might she use to increase her sample size?
Answers (1)
What are some drawbacks and risks to a broad generic strategy? To a focused strategy?
Answers (1)
Marshall's & Co. purchased a corner lot in Eglon City five years ago at a cost of $640,000. The lot was recently appraised at $810,000.
Answers (1)
Since February, the Federal Reserve has raised its short-term interest rate target five times, and because of the economy's continued strength, analysts have been predicting for weeks that the target will be raised again in November.
Answers (1)
Student loans, car loans, and housing loans are good examples of long-term liabilities. personal obligations. current liabilities. short-term debts.
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?