A small province has a minimum wage of $12 per hour and the quantity demanded of minimum wage work is 20 million hours. It proposes to increase the minimum wage by 10% to $13.20 and you have estimated that the price elasticity of demand for minimum wage work is 1.30.
a. What are the total wages paid to minimum wage workers before the increase?
b. what will be the percent change in the quantity demanded of minimum wage work if the minimum wage is increased by 10%
c. what will be the change in the number of hours of employment if the minimum wage is increased?
d. what will the total wages paid to minimum wage workers after the increase?
e. would the negative aspect of the proposal for minimum wage workers be a concern if the price elasticity of demand were o.85? explain in a few words?
I would greatly appreciated if someone would help me
a. What are the total wages paid to minimum wage workers before the increase?
b. what will be the percent change in the quantity demanded of minimum wage work if the minimum wage is increased by 10%
c. what will be the change in the number of hours of employment if the minimum wage is increased?
d. what will the total wages paid to minimum wage workers after the increase?
e. would the negative aspect of the proposal for minimum wage workers be a concern if the price elasticity of demand were o.85? explain in a few words?
I would greatly appreciated if someone would help me
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