- Use the supply and demand analysis to evaluate the potential impact of raising the federal minimum wage to $15 ($15/hour). Note that a minimum wage is a price floor. Your task is to demonstrate (incorporating supply and demand curves using Excel in your paper. The Spotlight on Skills – Excel is located in this week’s Books and Resources.) the immediate effect of an increased minimum wage; and then discuss, in detail, the potential long-term consequences of the increased salary for the companies.
- Evaluate the impact that an increased minimum wage may have on the cost functions of originations that mostly hire low skilled workers (e.g., fast food) and the impact that a minimum wage may have on the cost functions of organizations that only employ skilled workers (assume skilled workers seek a similar rise in wages to maintain existing wage differential).
- Discuss the effect that an increased minimum wage to $15 will have on labor supply (reference).
- Evaluate whether a relationship exists between the introduction of robotics and kiosks into fast food companies and the increases in minimum wages passed in states such as Washington and New York.
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