Lockdown in Maharashtra

Coronavirus Lockdown 2021 in India Live Updates: It’s official! India is witnessing the second wave of coronavirus. Days after health experts and some officials spoke about it, on Wednesday, the confirmation of the second wave came from the highest office of the Modi government with the Prime Minister himself stating it. During an important, critical virtual meet with all Chief Ministers, PM Modi said that it was necessary to stop the ‘emerging second wave’ of the coronavirus. From ramping up the vaccination to increasing the RT-PCR testing (instead of antigen testing), PM Modi told the states to do whatever necessary to halt this viral surge

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Micro Economic question 2

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2b Show that a minimum wage set above the market clearing wage rate causes excess supply  of labour. Why would a government impose minimum wage despite knowing its effect on  unemployment? Answer The demand for labour will be negatively sloped in all types of production for two reasons. First, a rise in the wage rate increases the costs of firms producing the commodity, forcing them to raise their selling prices. As the price of the product rises consumers will buy less of it and less output will be produced and sold. This means that less labour will be used. Second, since a rise in wages makes labour more expensive relative to capital, firms will substitute capital for labour. This means that less labour will be used to produce whatever output the firms in the industry sell. If the wage is free to adjust in response to market forces it will move to  We,  where the demand for labour equals the supply. When the wage is above  We,  more labour will be presented fo
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