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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.
Consumption
The purchase and use of goods and services by households. It is a primary component of GDP and an indicator of economic health.
Good
A Good is a tangible product that satisfies human wants or needs.
Kosher Foods
Foods that comply with a strict set of dietary rules in Judaism.
Elastic
A term describing a situation where the demand or supply of a good or service changes significantly when its price changes.
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