explain this "There are a variety of opinions on the matter of increasing the federal minimum wage to $15 an hour. Some argue that it would help workers, while others argue that it would hurt them. There are a few key concepts from this week's readings that can help to shed some light on this debate. One concept is the idea of a price floor. A price floor is a minimum price that is set by the government. In the labor market, the price is the wage rate. Thus, a minimum wage above the equilibrium wage increases workers wages, but it also decreases the quantity demanded of labor. In particular, it reduces the quantity demanded of unskilled and low skilled labor, especially youth labor. Another concept is the idea of elasticity. Elasticity is a measure of how responsive quantity demanded is to a change in price. If the demand for a good is elastic, then a small increase in price will lead to a large decrease in quantity demanded. If the demand for a good is inelastic, then a small increase in price will lead to a small decrease in quantity demanded. Based on the videos, the readings and any