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Determining minimum wage effects

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Reference no: EM1368899

The government of a large United State city recently established a living wage law that starting January 1 of next year, will require all businesses operating within the city limits to pay their workers a wage no lower than $8.50 per hour. The current equilibrium wage for fast food workers is $7.50 per hour in this city. Predict what will happen to each of the following beginning on January 1 of next year:

1. The quantity of labor supplied by fast food workers
2. The quantity of labor demand by fast food producers
3. The number of unemployed fast food workers in this city

 

Reference no: EM1368899

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