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A study of the effects of the minimum wage on employment of low-skilled workers estimated the price ...

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A study of the effects of the minimum wage on employment of low-skilled workers estimated the price ...

Question 1.

Between 1950 and 2015 the productivity of wheat farmers in the United States more than doubled. This means that

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the amount of wheat produced by the average farmer more than doubled.

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the amount of land and other resources devoted to wheat production more than doubled.

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the total amount of wheat produced more than doubled.

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the incomes of wheat farmers more than doubled.

Question 2.

A study of the effects of the minimum wage on employment of low-skilled workers estimated the price elasticity of demand for low-skilled workers is -0.75. Suppose that the government is considering raising the minimum wage from $7.25 per hour to $7.75 per hour. Based on this information, calculate the percentage change in the employment of low skilled workers. Use the midpoint formula.

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InMicro

Edition: 1^st

Authors: Hubbard, O'Brien

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