Economic stand point

From an economic standpoint, evaluate the effect of a minimum wage on the market for low-wage labor. Include the following:

  • Discuss what economic theory predicts will happen
  • Draw a supply and demand graph illustrating the effect of a minimum wage
  • Discuss what elasticity conditions would economic theory prove to be true or false.

Adhere to the following standards:

  • Your paper should be three pages in length, not including the title or references pages.
  • Review the grading rubric, which may be found in the Week 8 folder.
  • Be sure to follow the CSU-Global Guide to Writing and APA Requirements.
  • Your paper should include an introduction, a body with at least two fully developed paragraphs, and a conclusion.
refs n cite 

preview of the answer..

An article at Bloomberg celebrated the fact that people will now know how the $15 minimum wage would affect employment in the country (Henderson, 2014). Economically, a higher economic wage would increase the rate employment. The more I thought about this, the more I wanted to know more. The state of Washington had the highest minimum wage but now records one of the worse minimum wage rates (Henderson, 2014). Most of the people think that the economic theory is simply a scam and not facts. What should be understood is that …

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