The minimum wage is a controversial topic. Starting from your textbook and then expanding with additional research:
- Discuss what economic theory predicts will happen with a minimum wage set above the equilibrium wage rate.
- Draw a supply and demand graph illustrating the effect of a minimum wage (do not just copy and paste a graph, create your own).
- Discuss the Efficiency Wage Theory and explain why its predictions are not valid for a minimum wage.
- Discuss what elasticity conditions (labor demand/supply perfectly elastic, elastic, unitary elastic, inelastic, or perfectly inelastic) would be needed for the minimum wage to benefit low-income workers.
Adhere to the following standards:
- Your paper should be 3-4 pages in length, not including the title or references pages.
- Include at least 3 scholarly references.
- The Economics Library Guide (Links to an external site.) is a good tool to use to start your research (sources such as The Balance, EconomicsHelp.org, Investopedia, and similar websites are not acceptable).
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