Advocated for an increase in the minimum wage

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Reference no: EM131164551

Recently President Obama has advocated for an increase in the minimum wage. At the same time there have been organized labor movements arguing that the wage paid to fast food workers be raised to $15 per hour. What are the standard economic arguments against raising the minimum wage? Would these arguments still go through if we believed that a worker's marginal product was affected by his or her wage level? Finally, use some economic analysis to provide some reasoning as to what might happen was the wage for fast food workers indeed raised to $15 per hour.

Reference no: EM131164551

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