Reference no: EM133196478 , Length: Words Count:100

Assignment:

Do you support or oppose the mimimum wage? Briefly explain using the concept of elasticity to support your answer. Be sure to post at least two times. Post your original answer and also post comments to other student's posts.

(I personally support the minimum wage we currently have. I've worked somewhere where I was paid $7.25 and another where I have been paid $11. I got paid $7.25 for working at a daycare and at the time I would've argued that I was underpaid, but in reality I colored with four year olds for a few hours after school. Some of the co-workers I had sat on their phones and screamed at kids so no I do not believe they deserved anymore than what they were getting paid. I now work at Bath and Body works where I am paid $11 and believe that is fair. I have to do a lot more physical labor at my job now, I am very skilled when it comes to customer service, I am a lead cashier and pretty often responsible for truck.

In my opinion there are some jobs that just aren't worth $7.25 and I am aware that is not a livable wage, therefore go find a job that pays you more. When it comes to the elasticity talked about in the book, if you look at a typical supply/demand curve then you see that as you raise prices demand decreases. So, if you raise minimum wage employers aren't going to be able or willing to pay their employees more than what they already are therefore, they are going to cut some of their employees. Then you are gonna see the unemployment rates increase. So really you gave some people a more livable wage and took away others wages completely.)Above is a post of another student.I need a response to this post.