Question

Only provide your opinions when specifically called for. In all other cases your answer(s) should rely on the text and module materials and not on the internet, showing your capacity to apply the appropriate economic principles and concepts correctly. What is your opinion of the minimum wage? Is it too high or too low? Explain. If the current minimum wage is above what the market would ordinarily bear (equilibrium wage in that market), and there is a proposal to raise the wage, explain the economic effects of the proposal on wages, employment, product prices and costs of the products the minimum wage labor produces (a graph may be useful here). How important is the assumption of the proposed wage being higher than what the market would bear and why? All discussion assignments count 100 points. Evaluation of the discussion assignments will consider spelling and grammar, including punctuation and capitalization. A maximum of 15 points may be deducted for excessive errors and/or incoherent writing. Remember that initial discussion postings to this topic should be a minimum of 100 words.

Answer 1