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The three graphs above show the total labor market in a country and the two markets that make up the total market. Suppose the
The three graphs above show the total labor market in a country and the two markets that make up the total market. Suppose the government institutes a minimum wage of $800 per week. Suppose the second graph represents a sector that is not covered by minimum wages and the third graph represents a sector that is covered by minimum wages. Mark up the provided graphs (points will be taken off for not using the provided graphs) to show the changes that would occur as a result of the minimum wage. Be careful to clearly label and quantify all changes. Make sure all quantities are within a reasonable range. 1200 1000 Weekly Wage 800 600 400 200 Employment in millions 1200 Weekly Wage 1000 800 600 400 200 0 0 10 Employment in millions 20 Weekly Wage 1200 1000 800 600 400 200 10 5 Employment in millions 15
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