Answered

Discover the answers you need at Westonci.ca, a dynamic Q&A platform where knowledge is shared freely by a community of experts. Experience the convenience of getting reliable answers to your questions from a vast network of knowledgeable experts. Connect with a community of professionals ready to help you find accurate solutions to your questions quickly and efficiently.

If the government raises the minimum wage by 6%, the number of people employed falls by 2%. What is the elasticity of employment with respect to the minimum wage

Sagot :

abiolataiwo2015

Assuming the number of people employed falls by 2%. The elasticity of employment with respect to the minimum wage is -0.33.

Elasticity of employment

Using this formula

Elasticity of employment=-Fall in number of employed people rate /Minimum wages rate

Where:

Fall in number of employed people=-2%

Minimum wages rate=6%

Let plug in the formula

Elasticity of employment=(-2/6)

Elasticity of employment=-0.33

Inconclusion the elasticity of employment with respect to the minimum wage is -0.33.

Learn more about Elasticity of employment here:https://brainly.com/question/8729849

We appreciate your time. Please revisit us for more reliable answers to any questions you may have. Thank you for your visit. We're committed to providing you with the best information available. Return anytime for more. We're here to help at Westonci.ca. Keep visiting for the best answers to your questions.