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The data shows the market for daycare workers in a particular city:
(quantity of workers in hundreds)
-Refer to the information above to answer this question.Suppose that after the imposition of a minimum wage of $6.50,a number of new daycare centres opened up increasing the demand for workers by 400.In what way would this market be affected?
Income Increase
A rise in the amount of money earned from various sources, including work, investments, or business operations.
Variable Costing
A costing method that includes only variable costs—costs that change with production levels—in the calculation of product costs.
Net Income
The total profit of a company after subtracting all expenses from total revenues, reflecting the company's financial performance over a given period.
Contribution Margin
The amount by which a product's sales price exceeds its total variable costs, used to cover fixed costs and generate profit.
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