Impact of Increase in Minimum Wage to 15 Dollars Per Hour

Question

Analyse the impact of an increase in the minimum wage from the current level to $15 per hour. How would the following be affected?

1. Employment of people previously earning less than $15 per hour
2. The unemployment rate of teenagers
3. The availability of on the job training for low-skilled workers
4. The demand for high-skilled workers who are good substitutes for low-skilled workers

Summary

This question belongs to economics and discusses about impact of an increase in the minimum wage per hour.

Word count: 123