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Question I) After watching this video (Links to an external site as shown in additional materials section.) (9:45) from Marginal Revolution University answer the following questions
1.What is a price floor? Why is minimum wage a price floor? What is the economic logic behind suspecting that minimum wages cause unemployment in the labor market for the unskilled workers?
2.What examples are discussed in the video to show that large increases in minimum wage have large employment effects? Please explain in detail.
3.Did the examples provided in this video convince you that large increases in minimum wages will always lead to large unemployment? Why or why not? For credit explain your position in detail.
Question II) After reading the academic article “The Elusive Employment Effect of the Minimum Wage.” Journal of Economic Perspectives, 35 (1): 3-26. (Links to an external site.) written by Dr. Manning answer the following questions (you can read the entire article, but to answer the questions reading Pages 18 – 22 (Section: Why Is the Employment Effect So Elusive) is sufficient)
4.What does the author mean by “low pass-through” in the context of a higher minimum wage? What are two reasons because of which firms will have low pass through? For credit, you need to explain these reasons in detail.
5.Define elasticity of demand in the labor market (you can apply prior knowledge about elasticity of labor demand from Module 1 and Module 2 of this course). Using the academic paper above, give one reason explaining why the elasticity of labor demand would be low in the labor market (for unskilled workers)? What is the implication of low elasticity of demand on the employment effect of minimum wages?
6.Suppose right after you graduate with an MBA, $15 minimum wage legislation is enacted at the federal level. How will this change in policy affect the overall employment opportunities in your sector / organization (where you work or intend to work)? Will they remain unchanged, increase or decrease? Explain in detail to get credit.
Question III) After listening to an NPR podcast: “A Mall With Two Minimum Wages” (Links to an external site.) [Click on the mp4 (4:26)], answer the following questions
7.What were the advantages and/or challenges faced by the store that was on the side of the mall where minimum wage was higher?
8.What were the advantages and/or challenges faced by the store that was on the side of the mall where minimum wage was lower?
9.Suppose you are a hiring manager of a company in a city of California. Suppose the minimum wage is $15 per hour in all cities in California. Assume currently 30% of workers at your organization work for minimum wages. Your organization cannot perfectly substitute the minimum wage workers with other workers or other factors of production. Suppose a nearby city increases minimum wages to $18 per hour. Propose at least two policies (with detailed reasons) that can help you to preserve the quality and quantity of the new hires. Would your proposals be any different if the minimum wage increased in the same nearby city by $1 instead of by $3? Explain in detail.

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