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Effects on wages and employment

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Make a supply and demand graph illustrating the scenario, the shock, and the predicted effects on wages and employment; write paragraph describing the graph, the scenario, and the predictions.

We all love to go to little, local ice cream shops. Many of these places hire teenagers over the summer to serve these delicious treats for us. Suppose that a new minimum wage bill comes online this summer, raising the minimum to $10/hour. Create two graphs: 1) model the market for these ice cream shop workers and how shop owners will likely respond to the minimum wage increase immediately after it happens; 2) model what would happen if a company starts selling very cheap robot ice cream servers... how does it affect the market for teenage servers. Explain in your paragraph what is going on and give arguments why your graph is reasonable.

Reference no: EM131888671

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