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Quantity of labor supplied and demanded

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(1) What is the impact of a minimum wage above the equilibrium wage on the quantity of labor supplied and demanded? (Practice drawing a supply and demand graph that shows this. Notice how the impact is affected if the supply curve is flatter or steeper, i.e., more elastic or inelastic. I will post the graph(s) to this discussion thread, after your initial responses are due. You need not submit any graphs in this Discussion Topic post, but you may find it helpful to draw them and refer to them in your response.)

(2) Should our government require employers to pay their workers at least some minimum (or living) wage? If so, why, and how high should the minimum wage be? Who wins and who loses from minimum wage laws?

Can you think of a better way our government can help low-income workers?

Reference no: EM132319495

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