Discussion Post: Microeconomics
• View the two videos above and videos 1, 2 and 7 under the Week Two Videos. You may also wish to view the other videos for a deeper understanding of price controls.
• Visit The Faces of <5 for more perspectives on a $15 minimum wage.
• Read Chapter 6 in your textbook in careful detail. Pay close attention to the graphs in Figures 1 - 5. Focus on Figure 5 in particular. You may also wish to review the CBO Report CBO Report - Alternative Formats on employment and income impacts of an increased minimum wage.
• Read Should the Minimum Wage Be $15 an Hour?
• Based on the videos, the readings and any additional research you decide to do (remember to cite and reference all your sources) what you do think will be the market impact(s) of the proposed increase in the federal minimum wage to $15 per hour?
o Will the proposed increase help workers? And if so which part(s) of the labor market will be helped?
o Which part(s) of the labor market will hurt by the proposed increase? How will they be hurt?
o What will happen to the prices of goods and services produced with minimum wage labor?
• What is your conclusion? Is this proposal a good idea or not? Explain why.
The response must include a reference list. Using one-inch margins, double-space, Times New Roman 12 pnt font and APA style of writing and citations.