The effect of the minimum wage has on unemployment

Essay specific features

 

Issue:

Business

 

Written by:

April L

 

Date added:

March 19, 2015

 

Level:

University

 

Grade:

A

 

No of pages / words:

11 / 2849

 

Was viewed:

3448 times

 

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Essay content:

It applies to most workers and sets hourly rates below where pay is not allowed to decrease; these rates are recommended by the Low Pay Commission (LPC). At first the adult rate was set at ?3.60 per hour for adults in the first 6 months of their job with sufficient training, there was also a lower youth rate of ?3...
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(http://www.is4profit.com/business-advice/employment/minimum-wage-and-statutory-pay-obligations_2.html). Neo-classical economic analysis suggests that an individuals wage should equal their marginal product of labour, “as wages constitute the individuals reward for their personal contribution to output of a firm” which resembles that of perfect competition...
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