Please explain your answer and draw diagrams if possible. Thank you.

1. The federal minimum wage in the United States is currently $7.50 per hour. Newly elected President Joe Biden proposes to increase it to $15. Based on your knowledge of the elasticity of labour demand for low-wage workers, how would you expect Biden's plan to affect: A. Employment of low-wage workers. Be precise. B. Earnings of low wage workers. Be precise. C. Prices of goods produced with low-wage labour. D. Summarize the effects of this tax and transfer policy on different groups, i.e. who gains and who loses from this policy