answer graphically and in words these questions
$30-250 USD
Paid on delivery
In May 2015 the Los Angeles City Council voted to phase in an increase in LA’s minimum wage from $9 an hour to $15 an hour by 2020. Democrats typically support increasing the minimum wage on the grounds that it will increase economic fairness. Republicans typically oppose increasing the minimum wage on the grounds that it will cost jobs and damage the economy. Democrats counter that the job losses from a minimum wage increase will be small and will be outweighed by gains to workers. Use the concepts we have learned in the first half of the semester to answer these questions. Answer all questions in words and graphically.
a. Under what circumstances would there be large job losses from the minimum wage increase? Under what circumstances would there be small job losses from the minimum wage increase?
b. How would the well-being of workers change if the minimum wage increased?
c. Are there other positive or negative economic and distributional consequences of a minimum wage increase? As part of your answer make sure to consider the impact of a minimum wage increase on the market for products whose producers employ minimum wage labor.
d. Based on your answers to parts a-c, would you be in favor of increasing the minimum wage in New York City? Why or why not?
Project ID: #10051504
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