IN US, All workers are entitled to a minimum wage Without a minimum wage system, workers would likely be paid a lower amount of wages for their work Assume now that Country f would like to learn from US and introduce a new minimum wage across the country Answer the following questions The minimum wage imposed by Country Z would likely result in an increase or decrease in consumer (employer) surplus Without the minimum wage imposed, it is known that the labour market in Country Z will be at equilibrium with a price (wage) of $10 per hour and a quantity of 8 25 million workers Country Z plans to introduce a minimum wage of $20 per hour It is estimated that this will cause employers to hire less, reducing the quantity demanded to 6 67 million workers On the other hand, workers are happy with a higher minimum wage and will be willing to supply more hours of work However, as employers are only willing to hire a limited amount of workers (with the high minimum wage), not all workers are hired, resulting in a deadweight loss Given that the willingness to supply (work) for workers is $6 per hour when quantity is at 6 67 million workers, the deadweight loss created by the minimum wage is $ million Answer in millions to two decimal places If Country Z did not increase its minimum wage in line with persistently increasing inflation, in 10 years time the wage received by a worker is likely to be Type B for Below the clearing price, A for At the market clearing price, F for Further above the market clearing price or N for Need more information

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IN US, All workers are entitled to a minimum wage. Without a minimum wage system, workers would likely be paid a lower amount of wages

IN US, All workers are entitled to a minimum wage. Without a minimum wage system, workers would likely be paid a lower amount of wages for their work. Assume now that Country f would like to learn from US and introduce a new minimum wage across the country.

Answer the following questions:

The minimum wage imposed by Country Z would likely result in an increase or decrease in consumer (employer) surplus?
Without the minimum wage imposed, it is known that the labour market in Country Z will be at equilibrium with a price (wage) of $10 per hour and a quantity of 8.25 million workers. Country Z plans to introduce a minimum wage of $20 per hour. It is estimated that this will cause employers to hire less, reducing the quantity demanded to 6.67 million workers. On the other hand, workers are happy with a higher minimum wage and will be willing to supply more hours of work. However, as employers are only willing to hire a limited amount of workers (with the high minimum wage), not all workers are hired, resulting in a deadweight loss. Given that the willingness to supply (work) for workers is $6 per hour when quantity is at 6.67 million workers, the deadweight loss created by the minimum wage is $ million. Answer in millions to two decimal places.
If Country Z did not increase its minimum wage in line with persistently increasing inflation, in 10 years time the wage received by a worker is likely to be? . Type B for Below the clearing price, A for At the market-clearing price, F for Further above the market-clearing price or N for Need more information.