Answer:
4.78
Explanation:
Hundredths is two places after the decimal.
Based on the Graph displayed, the number of workers willing to work increased when the government raised the minimum wage from $17 to $25, the observation is that the workers increased from 17 to 28 due to an increase in minimum wage.
To understand the answer it is important to understand the definition of supply and demand in the labor market in any economy. The supply and demand for labor are much like the supply and demand for any other service. Consistent with the law of demand and supply (as price rises, quantity demanded falls and quantity supplied rises.
In this scenario, looking carefully at the graph, the graph shows that in the ordinate axis (Y line), where the minimum wage values are, The demand for workers falls to 9 when minimum wage increase, and the supply (workers willing to work) increased to 28 workers. This means that companies would hire 9 workers paying $25 in Minimum wage.
So, therefore, an increase in minimum wage will bring about an increase in the supply of workers, however, this will lead to a decrease in demand for workers by firms.
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