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Consider a proposal to raise the minimum wage by 10 percent. After reviewing the arguments in the chapter, estimate the impact upon employment and upon QUESTIONS FOR DISCUSSION the incomes of affected workers. Using the numbers you have derived, write a short essay explaining how you would decide if you had to make a recommendation on the minimum wage. 6. A conservative critic of government programs has written, "Governments know how to do one thing well. They know how to create shortages and surpluses." Explain this quotation using examples like the minimum wage or interest-rate ceilings. Show graphically that if the demand for unskilled workers is price-elastic, a minimum wage will decrease the total earnings (wage times quantity demanded of labor) of unskilled workers.
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