Binding Floor Price - Economists Label the Legal Minimum Wage - Economics Assignment Help

Assignment Task :

Topic 1 — Minimum Wages Part I: How a floor price works What is meant by a binding floor price? Use a graph to show how a binding floor price in any market can lead to a surplus of that particular commodity. Many economists label the legal minimum wage a binding floor pnce on unskilled labour, resulting in greater unemployment than would otherwise occur Is this characterisation valid, or are wages a special case? (for background. module 3C, 3G) 
 

Part II: Winners and losers What is meant by a binding floor price? Use a graph to show how a binding floor price in any market can lead to a surplus of that particular commodity Many economists label the legal minimum wage a binding floor price on unskilled labour, resulting in greater unemployment than would otherwise occur. Is this characterisation valid, or are wages a special case? Which groups are helped and which ones are hurt by an increase in the legal minimum wage? Evaluate the main arguments for and against minimum wages. In light of these arguments do you think minimum wages should be increased, decreased, or eliminated altogether? (for background: module 3G) 

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