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Need help with part B (supply and demand diagram) 7. In September of 2018, a coalition of labour unions and anti-poverty activists launched a campaign
Need help with part B (supply and demand diagram)
7. In September of 2018, a coalition of labour unions and anti-poverty activists launched a campaign calling on the Government of Manitoba to increase the minimum wage to $15 per hour. a. What are some of the reasons such groups or others might put forward for raising the minimum wage? (1 mark) b. Using a supply and demand diagram, illustrate the impact of an increasing in the minimum wage to $15 per hour on the market for low/unskilled labour. (4 marks) Assume that the current minimum wage is so low that it is not binding, and that the market is currently in equilibrium at a wage of $12 per hour. >Clearly label the wage and quantity of labour supplied and demanded before and after the implementation of the $15 per hour minimum wage. Use words (compete sentences) to explain your graph. c. In the simple supply and demand model, are more or less workers employed after the minimum wage increase? (1 mark) Page 5 of 6Step by Step Solution
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