logo

Principles of Microeconomics: Assignment

9 Pages1978 Words197 Views
   

Added on  2020-12-10

Principles of Microeconomics: Assignment

   Added on 2020-12-10

ShareRelated Documents
MICRO ECONOMICPRINCIPLES
Principles of Microeconomics: Assignment_1
Table of ContentsMAIN BODY...................................................................................................................................1Q1...........................................................................................................................................1Q2...........................................................................................................................................1Q3...........................................................................................................................................1Q4...........................................................................................................................................2Q5...........................................................................................................................................3Q6...........................................................................................................................................3Q7...........................................................................................................................................4Q8...........................................................................................................................................5Q9...........................................................................................................................................5Q10.........................................................................................................................................5Q11.........................................................................................................................................6Q12.........................................................................................................................................6
Principles of Microeconomics: Assignment_2
MAIN BODYQ1Economic theory: According to this particular theory the financial effects of social andgovernment policies minimum wages are develop upon common economic principles that isaffecting the income of a national people. minimum ways laws can have various positive ornegative effects in the country economic. The foregoing evaluation indicate that the minimumwage in Australia is actually very high only for male workers and it is relatively low for veryyoung workers. However, it is actually remaining as subject of empirical study and their effectsare just recommended by the economic theory. Application to the labour market with the wage asthe price of labour the outcomes must be unemployment, if statutory minimum wages is setabove in their equilibrium. Australia announces minimum wage increment of 26 weeks, so thatthe minimum wages was almost close to 570 dollars per week. Q2According to the fair work commission which is formerly known as fair work Australia act2009 is set in order to provide minimum wages to the workers. The labour has to paid $719.20per weeks or $18.93 per hour from 1 July, 2018. For junior, an amount which is equal to specialnational minimum wage 3 or for apprentice, value to special national minimum are provided tothe workers. Q3 S=120000W-1200000equilibrium wage rate =demand for labour hrs. 1500000-60000Wdemand of labour hrs. must be equal supply of labour hrs.= 1500000-60000W=1200000-120000W,=1500000-1200000=120000W-60000W=300000=60000W=W=300000/60000=W=5 A$ per hr.Now, number of unskilled labour in work hrs.=120000W-60000W=60000W/5=12000employees are unskilled.1
Principles of Microeconomics: Assignment_3

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
The Effectiveness of Minimum Wage Legislation
|9
|1673
|95

Economic Equilibrium Assignment
|17
|605
|132

Microeconomics Assignment on Minimum Wage and Labour Market
|11
|1790
|473

ECON111 Microeconomic Principles Study Material
|13
|2356
|197

Microeconomics Principles: Effects of Minimum Wage on Labor Market
|15
|2048
|50

(solved) Economics Assignment
|15
|1760
|347