Elasticity conditions for minimum wage
Question: Under what elasticity conditions would the following be true:"Increasing the minimum wage will result in a decrease in employment for workers who now earn less than the new minimum wage"?
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Question: Under what elasticity conditions would the following be true: "Increasing the minimum wage will result in a decrease in employment for workers who now earn less than the new minimum wage"?
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a. Calculate the marginal revenue product at each level of labor input if output sells for $4 per unit. b. If the wage rate is $15 per hour, how much labor will be hired?
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