Answer :
Given: produces 100 toys each dayworkers at that company earn $15 per hourminimum wage of $24 per hour
Required: How many people lose their jobs?
Solution:assuming that in a day, 8 hours of work is required,100 toys per day (1 day/ 8 hours) = 12.5 toysworkers at that company earn $15 per hour (8 hours) = $120minimum wage of $24 per hour (8 hours) = $192120/192 x 100% = 62.5%100 - 62.5 = 37.5about 37.5% would lose their job41
Required: How many people lose their jobs?
Solution:assuming that in a day, 8 hours of work is required,100 toys per day (1 day/ 8 hours) = 12.5 toysworkers at that company earn $15 per hour (8 hours) = $120minimum wage of $24 per hour (8 hours) = $192120/192 x 100% = 62.5%100 - 62.5 = 37.5about 37.5% would lose their job41
Final answer:
The problem lacks sufficient data, specifically the original labor budget or number of workers employed before the wage increase. This information is necessary to calculate the number of workers who would lose their jobs due to a rise in the minimum wage. Therefore, it is impossible to determine the exact number of people who would lose their jobs with the information provided.
Explanation:
To determine how many people lose their jobs when the minimum wage increases from $15 to $24 per hour, we need to calculate the difference in labor costs and how it affects the number of workers the company can afford to pay.
Before the wage increase, the total daily cost of labor for producing 100 toys, assuming an 8-hour workday, is:
Total labor cost per day = $15 per hour × 8 hours = $120 per day per employee
If the company still wants to produce the same number of toys each day after the wage increase, we examine the new cost:
New total labor cost per day = $24 per hour × 8 hours = $192 per day per employee
To maintain the same labor budget with the higher wage, we calculate how many employees the company can now afford:
Number of employees the company can afford after wage increase = (Original labor budget per day) / (New total labor cost per day)
Using the original number of employees (which we need to find), multiply by the old wage and set it equal to the new wage times the reduced number of employees:
(Original number of employees) × $120 = (Reduced number of employees) × $192
Without the original number of employees, we cannot solve this directly. The problem does not provide a budget or the number of hours the employees work each day, which is necessary information. Thus, we cannot determine the number of people who lose their jobs based on the information given in the question.
Learn more about Minimum Wage Impact on Employment here:
https://brainly.com/question/31774992
#SPJ12
