1.[Related to the Economics in Practice ] Since 2009, the federal minimum wage has been set at $7.25 per hour. In 2018, 29 states and Washington, DC had higher minimum wages than the federal minimum wage, the highest being $12.50 per hour in Washington, DC. In 18 of those states and in Washington, DC, the minimum wage is indexed for inflation and is therefore automatically adjusted each year for price increases. Explain how tying the federal minimum wage to an index like the CPI could impact the economy. Do you suppose the impact would be different if the minimum wage was tied to the chain-linked CPI as opposed to the fixed-weight CPI? Explain.