Problem
1. Why does the government not set a minimum wage for corporate lawyers and airline pilots?
2. If the rate of inflation is 10 percent higher than expected, and -(elasticity of labor demand) is 5, what will happen to the employment level in jobs that pay the minimum wage?
3. What happens to the rate of unemployment of minimum wage workers if the rate of inflation is lower than expected?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.