If the minimum was for the whole country was set at $15 per hour, is it possible that California can set their minimum wage to $12 per hour? why or why not? or Could they set their minimum wage at $20 per hour? why or why? Please explain why they can or can not legally do this.
California cannot set the minimum wage to $12 per hour as it is below the minimum wages as stated by the government of the country i.e. $15 per hour.
However, it can set it's minimum wage at $20 per hour as it is above the minimum $15 per hour wage rate set for the entire United States.
If the minimum was for the whole country was set at $15 per hour, is it...
Recently, the Federal Minimum Wage is set at $7.25 per hour. 1. Suppose the market for unskilled labor is currently in equilibrium and that the equilibrium wage in this market is $7.25/hr. Draw a supply and demand diagram showing this market for unskilled labor. Label the price axis (“Wage/Hour”), the quantity of unskilled labor axis (“Quantity”), the demand curve (“D0”), the supply curve (“S0”), the equilibrium wage ($7.25/ hr), and the equilibrium quantity (“Q0”). 2. On the same diagram, show...
@ Currently, the Federal Minimum Wage is set at $7.25 per hour. 1) Suppose the market for unskilled labor is currently in equilibrium and that the equilibrium wage in this market is $7.25/hr. Draw a supply and demand diagram showing this market for unskilled labor. Label the price axis (“Wage/Hour”), the quantity of unskilled labor axis (“Quantity”), the demand curve (“D0”), the supply curve (“S0”), the equilibrium wage ($7.25/ hr), and the equilibrium quantity (“Q0”). 2) On the same diagram,...
Do you favor raising the federal minimum wage to $10.00 per hour? Explain why or why not. What are the factors you would consider in making this decision? Why do 29 states elect to increase their minimum wage higher than the federal minimum wage?
3. In 1996, Congress raised the minimum wage from $4.25 per hour to $5.15 per hour, and then raised it again in 2007. Some people suggested that a government subsidy could help employers finance the higher wage. This exercise examines the economics of a minimum wage and wage subsidies. Suppose the supply of low-skilled labor is given by LS = 10w, where LS is the quantity of low-skilled labor, and w is the wage rate. The demand for labor is...
The current federal minimum wage is $7.25 per hour, but in his State of the Union address, President Obama proposed an increase to $10.10 per hour. The Congressional Budget Office (CBO) reported, "Increasing the minimum wage would have two principal effects on low-wage workers. Most of them would receive higher pay that would increase their family’s income, and some of those families would see their income rise above the federal poverty threshold. But some jobs for low-wage workers would probably...
The national minimum wage is $7.25 per hour for most occupations in the private sector. Over the past several years, support for an increase in the minimum wage has come from a wide variety of sources. Many of those who support an increase in the minimum wage believe this is one way the government should exercise its social responsibility in an attempt to reduce poverty. The following items address the idea of raising the minimum wage from the current federal...
1) Suppose the Federal current minimum wage, $7.50 per hour, is above the equilibrium wage in the market for unskilled labor. and that the equilibrium wage in this market is $7.25/hr. Draw a supply and demand diagram showing this market for unskilled labor. Label the price axis (“Wage/Hour”), the quantity of unskilled labor axis (“Quantity”), the demand curve (“D0”), the supply curve (“S0”), the equilibrium wage ($7.25/ hr), and the equilibrium quantity (“Q0”). 2) On the same diagram, show the...
The United States of America’s national minimum wage is currently at $7.25 per hour for most occupations in the private sector. Over the past several years, support for an increase in the minimum wage has come from a wide variety of sources. Many of those who support an increase in the minimum wage believe this is one way the government should exercise its social responsibility in an attempt to reduce poverty. The following items address the idea of raising the...
The national minimum wage is $7.25 per hour for most occupations in the private sector. Over the past several years, support for an increase in the minimum wage has come from a wide variety of sources. Many of those who support an increase in the minimum wage believe this is one way the government should exercise its social responsibility in an attempt to reduce poverty. The following items address the idea of raising the minimum wage from the current federal...
Question 4: real and nominal values The minimum wage was $2.90 per hour in 1979 and it was $7.25 per hour in 2010. The CPI was 72.6 in 1979 and it was 218.056 in 2010. Please calculate the following values. Round to two decimal places. The real minimum wage in 1979 measured in 2010 dollars was $ The real minimum wage in 2010 measured in 1979 dollars was $ The real minimum wage in 1979 measured in base year dollars...