There is a serious debate about increasing the minimum wage. Some say there is no need for a minimum wage while others say we need to raise it substantially. Voters in Florida just voted for a $15 an hour minimum wage. Your assignment is to read the attached article and write: 1) A TWO page paper, 2) single spaced, 3) New Times Roman 12 font or less, 4) turned in on time, 5) include your name, class, and section at the top of the page, 6) use good grammar, citations, and reread your paper prior to submission. Now that you comprehend Supply and Demand. Let’s apply it to real life. Help me, your reader, understand the issue(s) of a minimum wage. As the writer, I need you to pick a position, that is, should we have a minimum wage? If yes, what should the minimum wage be? Utilize the attached article in your assertions, either way. If you disagree with the article, delineate your position and back it up with other economic articles or scholarly work. Show the reader you understand the implications of a minimum wage on supply and demand of labor. You should be able to explain what happens to demand for labor when prices (in this case the price of labor) goes up. Focus on the movement of demand and supply curves. Feel free to create one and include it in your paper. With an increase of labor prices, what happens to the quantity supplied of labor? Does elasticity play a part in the reasoning of your thesis. Does the quantity supplied or quantity demanded move up or down, left or right in your particular scenario? Be sure to identify your assumptions. Tie your conclusion in with the problem and with your proposed solution. Last of all, have fun!
