Analyze the impact of an increase in the minimum wage from the current level to $15 per hour.How would the following be affected?

a.employment of people previously earning less than $15 per hour

b.the unemployment rate of teenagers

c.the availability of on-the-job training for low-skilled workers

d.the demand for high-skilled workers who are good substitutes for low-skilled workers

Review the mechanics of price floors and price ceilings.Why does a price floor lead to surpluses?Why does a price ceiling lead to shortages?Review consumer and producer surplus.A price floor will lead to a transfer of consumer surplus to producer surplus; a price ceiling will lead to a transfer of producer surplus to consumer surplus; both price regulations lead to deadweight losses, which is a loss of surplus to society.Why?