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A study of the effects of the minimum wage on employment of low-skilled workers estimated the price elasticity of demand for low-skilled workers is -0.75.Suppose that the government is considering raising the minimum wage from $7.25 per hour to $7.75 per hour.Based on this information, calculate the percentage change in the employment of low skilled workers.Use the midpoint formula.
Synergistic Effects
The enhanced outcome or benefit that results when two or more entities (such as companies or products) combine their efforts or resources.
Price-Earnings Ratio
A valuation ratio of a company's current share price compared to its per-share earnings, used to evaluate if a stock is over or undervalued.
Earnings Per Share
A company's profit divided by the number of outstanding shares of its common stock, indicating the portion of a company's profit allocated to each share of stock.
Acquisition
The act of obtaining control of another corporation, either through purchase or merger.
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