As many of you know, California has decided to increase the statewide minimum wage to $15 per hour. Check out this (Links to an external site.) article for more details. Minimum wage laws are a great example of a price floor, so this is a clear case of our textbook analysis in economics have relevance in our everyday lives.
In particular, make sure that you address the following questions:
1. Are you in favor of raising the minimum wage to $15? Why or why not?
2. What impacts do you expect this law to have? How does the textbook view a minimum wage law? Is that way of thinking appropriate here or is the case in California different?
3. Can you think of other laws that might be able to help poor workers that might be used instead of a higher minimum wage?
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