Question: What are the economic costs and benefits associated with increasing the minimum wage to $15/hour....

Question:

What are the economic costs and benefits associated with increasing the minimum wage to $15/hour. Consider any important non-economic factors in your arguments.

Draft the memo from ONLY ONE of the following perspectives:

You work as an economic analyst at a conservative think tank and your

manager wants you to submit a memo to him opposing the increase in the federal minimum wage. He needs it to help him prep for his participation on Fox News later that week.

OR

You work as an economic analyst with the NJ State Dept. of Labor and your supervisor is ordered into an urgent meeting with her bosses to discuss the merits of increasing the state minimum wage. She wants you to write a memo outlining the key reasons for increasing the minimum wage.

Expert Solution

Rahul Sunny answered 1 year ago

Discuss the minimum wage. Specify the benefits and costs of the minimum wage to the economy....

Discuss the minimum wage. Specify the benefits and costs of the minimum wage to the economy. Under what circumstances will most economists support minimum wage laws? Justify your answer.

Discuss the minimum wage. Clearly identify the benefits and costs of the minimum wage to the...

Discuss the minimum wage. Clearly identify the benefits and costs of the minimum wage to the economy. Under what circumstances will most economists support minimum wage laws? Justify your answer.

Assume the federal government were to step in and increase the minimum wage to $15/hour. What...

Assume the federal government were to step in and increase the minimum wage to $15/hour. What would happen, according to a supply and demand model. Include a graph.

What is your position on a $15/hour minimum wage in your area (you may need to...

What is your position on a $15/hour minimum wage in your area (you may need to look it up for your location)? In regards to the fast food industry, what would be the short-term ramifications? How about the long-term effects? Should the minimum wage be nationalized? Explain.

What are positive and negative effects of Amazon raising its minimum wage to $15 per hour...

What are positive and negative effects of Amazon raising its minimum wage to $15 per hour on its employees, total revenue, and other companies and their employees?

Using the diagram above, suppose the minimum wage was increased to $15 an hour. The results...

Using the diagram above, suppose the minimum wage was increased to $15 an hour. The results would be: Group of answer choices 18.3 million people would be employed 1.3 million workers would lose their jobs a shortage of 3 million workers A surplus of 1.7 million workers

What are the economic costs and benefits associated with paying college athletes? Are there also important...

What are the economic costs and benefits associated with paying college athletes? Are there also important non-economic factors to consider?

"If the federal minimum wage is raised gradually to$15-per-hour by 2020, the employment rate for...

"If the federal minimum wage is raised gradually to $15-per-hour by 2020, the employment rate for low-wage U.S. workers will be substantially lower than it would under the status quo."Create a 3-4 page paper in which you indicate your agreement or disagreement with the statement above. You must support your position with reference to economics principles, the use of examples and a minimum of 4 research sources.

Should the province of Nova Scotia increase it’s minimum wage to $15 per hour? Write a...

Should the province of Nova Scotia increase it’s minimum wage to $15 per hour? Write a briefing note based on this question.

3. Former Presidential Candidate John Kerry suggested increasing the minimum wage to $7.00/hour. Economists have estimated...

3. Former Presidential Candidate John Kerry suggested increasing the minimum wage to $7.00/hour. Economists have estimated the demand and supply curves for low-skilled labor as: LD =100−4w LS =16w, where L is the number of low-skilled workers and w is the wage rate. 3a) What is the equilibrium wage and level of employment in the market? Provide a detailed diagram to support your answer. 3b) Calculate the producer surplus workers receive and the consumer surplus that employers receive. Label these...

Question