ESSAY HELP: ra te 1. Wha t will happen to the income to the income of labor curr
ID: 1206713 • Letter: E
Question
ESSAY HELP:ra te 1. Wha t will happen to the income to the income of labor currently making minimum wage hourly increases? a. Will all, some, or all, some, or none of this labor earn a higher income? wage rate? 2. What will happen to hat will happen to businesses when they are usinesses when they are required to pay the higher hourly wage ra a. Will b. Wi all, some or none face increasing costs? i all, some, or none remain profitable? l any business end up in a shutdown position? 3. What happens to consumers who are not making minimum wage? 4. Will th e economy be in a better, worse, or neutral position?
Explanation / Answer
(1) The income of labor currently making minimum wage hourly rate would increase. It shows high income on monthly basis of the labour.
(2) (a) The business may require higher hourly wage rate which would show increasing cost.
(b) The business would show profits when efficiency of labours increase. It happens as wages of labors increases.
(c) The business would not end up in a shutdown position in case when higher hourly wages of labours is seen.
(3) The consumers not making minimum wage are not earning have low standards of living
(4) The economy would become better with time. It happens when economy of the nation increases and GDP settles down.
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