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Chapter 18 - Using input market analysis. In this chapter students will be able to: Analyze the effects of minimum wage on the employment of unskilled workers, determine the extent to which employers versus employees bear the burden of the social security program, explore an important hidden cost of Social Security that results from the program's long-run impact on saving and social accumulation,. | MICROECONOMICS: Theory & Applications By Edgar K. Browning & Mark A. Zupan John Wiley & Sons, Inc. 12th Edition, Copyright 2015 Chapter 18: Using Input Market Analysis Prepared by Dr. Della Lee Sue, Marist College Learning Objectives Analyze the effects of minimum wage on the employment of unskilled workers. Determine the extent to which employers versus employees bear the burden of the Social Security program. Explore an important hidden cost of Social Security that results from the program's long-run impact on saving and social accumulation. (continued) Learning Objectives (continued) Explore the benefits to firms from colluding in hiring an input through examining the NCAA cartel. Show how employment discrimination can affect wage rates and employment. Outline the benefits and costs of immigration. 18.1 THE MINIMUM WAGE Analyze the effects of minimum wage on the employment of unskilled workers. The Minimum Wage Law Fair Labor Standards Act Passed by Congress in 1938 . | MICROECONOMICS: Theory & Applications By Edgar K. Browning & Mark A. Zupan John Wiley & Sons, Inc. 12th Edition, Copyright 2015 Chapter 18: Using Input Market Analysis Prepared by Dr. Della Lee Sue, Marist College Learning Objectives Analyze the effects of minimum wage on the employment of unskilled workers. Determine the extent to which employers versus employees bear the burden of the Social Security program. Explore an important hidden cost of Social Security that results from the program's long-run impact on saving and social accumulation. (continued) Learning Objectives (continued) Explore the benefits to firms from colluding in hiring an input through examining the NCAA cartel. Show how employment discrimination can affect wage rates and employment. Outline the benefits and costs of immigration. 18.1 THE MINIMUM WAGE Analyze the effects of minimum wage on the employment of unskilled workers. The Minimum Wage Law Fair Labor Standards Act Passed by Congress in 1938 Minimum wage is periodically increased Consequences depend on magnitude of the legal minimum relative to the prevailing wage rate in the economy Disemployment effect – the tendency of employers to respond to a higher wage rate by hiring fewer workers Magnitude of unemployment depends upon elasticity of demand and supply Who bears cost? Displaced workers Society – due to higher prices of products produced by covered labor and to lower prices for products produced by complementary factors of production Figure 18.1 - The Minimum Wage Further Considerations of the Minimum Wage Law The reduction in employment can take the form of a reduction in hours each worker is employed rather than a reduction in the number of workers employed. When the government requires firms to pay a higher money wage, employers will respond, if possible, by reducing fringe benefits of employment. The minimum wage law does not cover all unskilled jobs. With a surplus of workers created by the minimum wage, .
