march112009 - 238-239 1-5 Jason Tang period 1 1 low wage...

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Unformatted text preview: 238-239 1-5 Jason Tang period 1 1. low wage workers don’t have the option of not working if employers aren’t willing to pay enough to match the market equilibrium. They have to work to survive while employers have considerable leeway in setting wages, especially for low-wage workers. 2. If minimum wage increases then your costs increases. You will have to then raise the price you charge for your product. Other people’s product becomes cheaper than yours and their sales goes up while yours goes down. Therefore, you are forced to lay off workers. Minimum wage does deny workers the opportunity to earn a living. This is because you cannot survive or afford to pay off a home or live off minimum wage; it is too low. 3. The government should be able to find the right amount for minimum wage and determine who should be paid minimum wage, preferably young teens and not people who are struggling to make it on their own. There should be factors that decide who receives minimum wage. 4. I believe it does help the poor to a certain extent. They are being paid money, however, it is far from enough to provide a good living and not enough to survive off of. Minimum wage helps the poor, just not enough for them to be able to live off of it. 5. It has increase by 2.05$ in nominal dollars from the year 1980-2004. The percentage increase is 60% in nominal dollars. That’s how much minimum wage has increased over the years. ...
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