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
Use the financial statement effects template to record the following transactions involving investments in marketable securities accounted for using the equity method. a. Purchased 12,000 common shares of Bakersfield Co.
Answers (1)
Medicaid is federal health insurance program for senior citizens regardless of income. Question 7 options: True False
Answers (2)
Madison files a complaint in a suit against christopher, and he files an answer. the case may now be
Answers (1)
A bank will often hold government securities as an asset. If a bank were to sell $100,000 in government securities to an individual who paid for the bond in cash and the bank placed this cash in their vault, by how much would the money supply change
Answers (1)
Tariffs Multiple Choice may be imposed either to raise revenue (revenue tariffs) or to shield domestic producers from foreign competition (protective tariffs). are also called import quotas. are excise taxes on goods exported abroad.
Answers (2)
New Questions in Business
Workers who receive benefits are often less motivated. True or false.
Answers (1)
Examples of transaction costs include (check all that apply) : A. the cost of the externality. B. the cost of monitoring an agreement. C. the cost of drafting a contract or agreement. D.
Answers (1)
Josh, Inc. is faced with the choice of either producing a newly designed product, XX-30, to stock in anticipation of demand or to customer order. The demand for the product is expected to be 5,000 units per week.
Answers (1)
Gwen is a psychologist who maintains an office in a professional suite. She often spends time doing paperwork and scheduling in her home officeWhich of the following is true?
Answers (1)
A certificate of deposit will often result in a penalty for withdrawing funds before the maturity date. If the penalty involves two months of interest, what would be the amount for early withdrawal on a $20,000, 4 percent CD?
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?