You Work for an Unemployment Agency That Distributes Unemployment Checks

question 37

Essay

You work for an unemployment agency that distributes unemployment checks to unemployed workers in your state.Your boss recently learned that the President proposed a 21 percent increase in the minimum wage, and wants you to provide her with an estimate of the number of additional workers who will file for unemployment compensation claims next year if the bill passes.Based on library research at a nearby university, you learn that about 200,000 workers in your state earn at or below the current minimum wage.Further library research turns up a study that reports the own price elasticity of demand for minimum wage earners to be -0.30.Based on your findings, how many additional workers do you think will file unemployment claims in your state?

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Definitions:

Marketing Mix

The combination of factors that can be controlled by a company to influence consumers to purchase its products, often referred to as the 4Ps: Product, Price, Place, and Promotion.

Herbal Shampoo

A hair cleansing product that is made from natural ingredients and herbs, pitched as a healthier or more eco-friendly alternative to regular shampoos.

Relationship Marketing

A strategy focusing on building long-term relationships with customers to foster loyalty and repeat business rather than focusing solely on individual transactions.

Direct Marketing

A type of advertising strategy that sends messages directly to consumers without using intermediary media.