Based on the findings in Columns 4 and 5 (see regression table below), assess the impact of a policy increasing the minimum wage immediately to $15 for the state of Vermont:

a.Calculate the implied elasticity in Columns 4 and 5 to complete Table 1 below (the regression table below)

Table 1: Minimum Wage and Teenage Employment Dcp. Variable: \"/l- of Teens Employed (1) l?) (3) (4) (5) Minimum Wage -0.-l?'\" -0.31' -0.23 43.35 -0.16 (0.10) (0.15) (0.14) (0.25) (0.19) Implied Elasticity -0.12 4109 0.06 State-level Unemployment Rate 4114'\" {1.81\" \"1.69\" (1.30) (2.86) (2.31) Constant 43.0'" (2-43 Average Teen limp. Rate 40% 40% 40% 27% 47% State Fixed Em'tsz X X X X Sample All All All High Unemp. Low Unemp. N 1'\"le 1.0le 1.020 35]. $09 Notes: This table presents estimates of the relationship between the state minimum wage (in real 2021 dollars) and been employment rates during the period 20002019. The unit of observation is the individual. Teen employment and state unemployment rates are measured in percentage points sealed 0 to 100, Columns 2 through 5 omit the constant due to the inclusion of state xed effects. Columns 4 and 5 split the sample based on annual state unemployment rates in the year of the survey using a cutoff of 8%. The implied elasticity presents the elasticity of teen employment with respect to the minimum wage, as implied by the estimate in each column. The average teen employment rate provides the fraction of teens employed in the sample for each column Standard errors in parenthesis, clustered by state-year. Signicance levels: " p