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katrin2010 [14]
3 years ago
15

Suppose that the equilibrium wage for teachers in Michigan is $15/hour. Also suppose that Michigan raises its minimum wage to $1

8/hour. Because the equilibrium wage for teachers is (a) the new minimum wage, we would expect the number of teachers employed to (b) at the new minimum wage. (c) There will be of teachers.
Business
1 answer:
expeople1 [14]3 years ago
8 0

Answer:

a) lower than

decrease

Surplus

Explanation:

The question isn't complete. Here is the full question:

Suppose that the equilibrium wage for teachers in Michigan is $15/hour. Also suppose that Michigan raises its minimum wage to $18/hour. Because the equilibrium wage for teachers is (a) lower than or higher than the new minimum wage, we would expect the number of teachers employed to (b) increase, decrease, or stay the same at the new minimum wage. there will be (c) a shortage, a surplus, or no change in the number of teachers.

The equilibrium wage ($15) is less than the new minimum wage ($18).

As a result of this, it would become more expensive for schools to hire teachers, as a result the demand for teachers would fall. This is in line with the law of demand which states that the higher the price, the lower the quantity demanded and the lower the price, the higher the quantity demanded.

Also, because the minimum wage is above the Equilibriium price , the supply of teachers would increase. This would lead to a surplus in the number of teachers. This is in line with the law of supply which states that the higher the price, the higher the quantity supplied and the lower the price , the lower the quantity supplied.

I hope my answer helps you

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Why does competition among traders affect how much of the gains from trade are given to the countries involved in the trade?
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The state collects a gasoline tax that must be used to support highway construction and maintenance. The gasoline tax revenue sh
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8 0
2 years ago
Advanced Enterprises reports year−end information from 2019 as​ follows: Sales ​(161,000 ​units) $965,000 Cost of goods sold ​(6
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Answer:

Advanced should increase the selling price in​ 2020.

Explanation:

Current selling price = Current sales value / Current sales volume = $965,000 / 161,000 = $5.99

Expected selling price = Current selling price * (100% + Expected percentage increase in selling price) = $5.99 * (100% + 14.5%) = $6.86

Expected sales volume = Current sales volume * (100% - Expected percentage increase in sales volume) = 161,000 * (100% - 11%) = 143,290 units

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Expected cost of goods sold = Expected sales volume * Cost of goods sold per unit = 143,290 * $4.00 =$ 573,160

Therefore, Advanced Enterprises expected operating income for 2020 can be computed as follows:

Details                                          $

Sales (143,290 units)             982,762

Cost of goods sold             <u>  (573,160)  </u>

Gross margin                         409,602

Operating expenses          <u> (266,000)  </u>

Operating income            <u>   143,602  </u>

Since the expected operating income of $143,602 for 2020 is greater than $55,000 operating income for 2019, Advanced should increase the selling price in​ 2020.

5 0
2 years ago
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