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How do you graph minimum wage?
0:02 2:01 Suggested clip How to draw minimum wage on a supply and demand graph YouTubeStart of suggested client of suggested clip How to draw minimum wage on a supply and demand graph
What states have minimum wage at $15 an hour?
Illinois, Maryland, New Jersey on Board. The year began with $15 minimum wage laws on the books in three states California, Massachusetts, and New York plus the District of Columbia. That list quickly expanded as Illinois, Maryland, and New Jersey enacted similar legislation in February and March.
What states have a $15 an hour minimum wage?
Arizona, Colorado and Maine will incrementally increase their minimum wages to $12 an hour by 2020. Washington's will be increased incrementally to $13.50 an hour by 2020. New York became the second state to pass a new law that would raise the minimum wage in New York City to $15 per hour by the end of 2018.
What state has the lowest minimum wage?
The Lowest Minimum Wage States As of February 2020, Georgia and Wyoming have the lowest state minimum wage requirements, according to data from the U.S. Department of Labor (DOL). At $5.15 per hour, each state has a minimum wage more than $2.00 below the federal mark of $7.25.
Which state has the highest minimum wage 2020?
New York already raised its hourly minimum to $11.80 on Dec. 31. Excluding Washington, D.C.'s $14 per hour minimum wage which will climb to $15 per hour in mid-2020 is the highest in the country, followed by Washington and California at $13.50 per hour and $13 per hour, respectively.
How does minimum wage affect supply and demand?
The Effect of a Minimum Wage Increase on Employment and Unemployment. At the same time, the higher minimum wage means that more people would like jobs. The increase in the amount of labor that people would like to supply, and the decrease in the amount of labor that firms demand, both serve to increase unemployment.
How does minimum wage affect demand/supply and equilibrium?
When the supply of labor is equal to the demand for labor, the market is in equilibrium, at the intersection between the supply and demand curves. A minimum wage is very similar to a price floor, because it is set above the market wage. When minimum wages are imposed, unemployment increases.
How does wage increase affect supply and demand?
A rise in the money wage rate makes the aggregate supply curve shift inward, meaning that the quantity supplied at any price level declines. A fall in the money wage rate makes the aggregate supply curve shift outward, meaning that the quantity supplied at any price level increases.
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