Assertion: minimum wage | /r/HasProperty | set at level
Facets:
Source sentences:
text: Now let's rewriteto be:Using the relationship between the wage and labor market tightness to eliminate the wage from the last equation gives us:If we maximizein this equation, with respect to the labor market tightness, we find that:whereis the elasticity of the matching function:This result shows that the expected utility of unemployed workers is maximized when the minimum wage is set at a level that corresponds to the wage level of the decentralized economy in which the bargaining power parameter is equal to the elasticity.
text: On 1 May 2013, the statutory minimum wage is reviewed, and to be set at the level at $30 (~US$3.87).