Impact of minimum wage on market (must include supply and demand graph)
READ ME: Must have minimum of 3 pages with at least 3 scholarly references that can be verified (APA 6th edition). Book being used is: Mankiw, N. G. (2015). Principles of macroeconomics (7th ed.). Stamford, CT, USA: Cengage Learning (only mentioned for reference).
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 to five pages in length, not including the title or references pages.
- Review the grading rubric, which is be found in the Week 3 folder.
- Incorporate at least three scholarly references that are not required readings for this module. The CSU-Global Library is a good place to find these references.
- 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.