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d. '5 pts What is aggregate labor income of burger flippers per hour when the wage rate is $4.00? What is aggregate labor income of
d. '5 pts What is aggregate labor income of burger flippers per hour when the wage rate is $4.00? What is aggregate labor income of burger flippers per hour when the wage rate is $5.00? e. 3 pts Is your answer to part E consistent with what you would expect based on your calculation of own-wage elasticity of labor demand? Explain carefully f. 5 pts Who gains and who loses from the imposition of a $5.00 minimum wage? Does this legislation reflect a pareto optimal move and outcome
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