The premier is concerned about poverty in the province and propose that the minimum wage be raised from $14 to $17 per hour. They claim that this would be an effective way to assist lower income families; however, they are worried that a large number of jobs will be lost as a result. Briefly evaluate their arguments using a labour supply and demand graph. Explain how the overall impact depends on the elasticity of labour demand. Also explain how the long-run impact of the minimum wage law may be different than the short-run impact