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Evaluate the effect of a minimum wage on the market for low-wage labor-ecn400
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From an economic standpoint, evaluate the effect of a minimum wage on the market for low-wage labor. Include the following:
Discuss what economic theory predicts will happen
Draw a supply and demand graph illustrating the effect of a minimum wage
Discuss what elasticity conditions would economic theory prove to be true or false.
Adhere to the following standards:
Your paper should be three to five pages in length, not including the title or references pages.
Review the grading rubric.
Incorporate at least three scholarly references that are not required readings for this module. The CSU-Global Library is a good place to find these references.
Be sure to follow the CSU-Global Guide to Writing and APA Requirements (Links to an external site.)Links to an external site..
Your paper should include an introduction, a body with at least two fully developed paragraphs, and a conclusion.
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managerial economics ecn400 description 4 pages, Double Spacing
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[Solved] Evaluate the effect of a minimum wage on the market for low-wage labor-ecn400
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- Submitted On 16 May, 2022 09:42:40
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Effect of A Minimum Wage on The Market for Low-Wage Labor
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Effect of A Minimum Wage on The Market for Low-Wage Labor
Minimum wage refers to the legally permitted lowest level of remuneration to be offered by employers to their employees for work performed over an agreed period. As such, a minimum wage can be set through a statutory enactment, or a legally competent office, and is aimed at protecting employees against unduly poor pay. According to ILO (2019), minimum wage sets a legal floor for remuneration and is differentiated from other concepts such as collective bargaining. Its determination is subject to multiple factors such as its affordability and its legal applicability. As such, the effect of minimum wage on the market for low wage labor can be explained through various economic theories that would be used to determine what will happen. As such, the most effective theory to explain the effect of minimum wage on low wage labor market can be best explained by the neo-classical and Keynesian economic theories. The two theories, however, conflict with each other on the effect of the introduction of minimum wage levels in low-wage labor markets.
According to Kabeya & Lufuke (2015), neo-classical economic theory predicts that the introduction of a minimum wage will trigger increased unemployment and loss of jobs in low-wage labor markets. On the other hand, Keynesian economics postulates that minimum wages increase the employment levels in all sectors. However, the positive effect of minimum wage is mainly recognizable in a monopsonic competitive labor market model with unrestricted entry. It is critical to highlight that minimum wage levels in a low-wage labor market serve as an attractive bait for the providers of labor as a result of the protectionist nature of minimum wage on their income levels. As such, the supply of labor increases tremendously as a result of the minimum wages; implying that more people are willi...
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