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Price Elasticity of Demand Problem

You work for a employment agency, that sends out unemployment checks to the umemployed. The President, proposed a 21% increase in the minimum wage. Your boss wants you to provide you with a estimate of additional workers who will file for unemployment checks next year if this bill passes. Based on library research, you learn that 200,000 workers earn at or below the current minimum wage. More research leads you to the own price elasticity of demand for minimum wage earners to be -0.30.

Based on your findings, how many additional workers do you think will file umemployment claims in your state?

 

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M926095

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