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belka [17]
2 years ago
6

1. Suppose the equilibrium wage for unskilled workers in New Jersey is $7 per hour. How will the wages and employment of unskill

ed workers in New Jersey change if the state legislature raises the minimum wage from $5.15 per hour to $6 per hour?
Business
1 answer:
Eva8 [605]2 years ago
8 0

Answer:

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.

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2 years ago
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Answer:

$80.364.45

Explanation:

The lump sum that would make the employee indifferent can be determined by calculating the present value of the annuity

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Present value can be calculated using a financial calculator

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Cash flow in year 1 = $40,000  

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To find the PV using a financial calculator:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.  

3. Press compute  

6 0
2 years ago
Which process helps in progressive improvement of requirements?
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Hence, from the above we can conclude that the given statement is true.

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