Explain the effects of the higher minimum wage on the workers’ surplus and the firms’ surplus. Will the $15 wage bring fairness, dignity, and respect?

“Raising the minimum wage to $15 an hour will add fairness to our economy and bring dignity and respect to 2.2 million people, many of whom have been forced to live in poverty for too long,” said Governor Andrew Cuomo. Between 135,000 and 200,000 workers will see their hourly wage rise gradually to $15 by the end of 2018 in New York City and by 2021 in the rest of the state.