Economics eco

Increasing to a $15 minimum wage in Ontario Canada Recall from class and our discussion of supply and demand (see the notes on Edmodo), that the supply and demand of labor should be kept in balance for a healthy economy: the demand for labor coming from companies and the supply coming from the employable people seeking work in society. Recently, Ontario Premier Kathleen Wynne announced that her government would see to a $15 minimum wage by 2019, up from its current $11.40. Research this plan and write Please use Edmodo for this same assignment and you will submit it there by saving your work as a Word file and sending it in as an attachment when you reply. Put your name and student number on your work. Answer the questions below by researching online: 1. List what the plan is, some details and the timeline 2. Do you agree with the plan for this wage increase? Why or why not? 3. What good things can we expect to come out of this? 4. What challenges for our economy can we expect to come out of this? 5. Explain who will get the most and the least benefit when this plan goes into effect 6. If you could set the minimum wage, what things would you consider for how high or low it should be ? 7. a. Is this an example of price control? Is it a price ceiling or price floor? b. What does classical economics suggest will happen based on you answer in (a)