Explain the effects on the economy of increasing the minimum wage.

Please answer the following question(s). To
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submissions should include a well written response that clearly and concisely addresses and answers all parts of the question(s). Please cite references used in both the written response and a separate reference page. Please create and provide at least one original graph, please make a note at the bottom of your graph stating how you created it (for example did you draw it, use a computer program, website etc.). Include any graphs or charts at the end of your written response and refer to them in the text. Make sure you answer the topic question(s) from an economic perspective. Briefs need to be submitted through Dropbox in D2L under the appropriate folder by the deadline listed above; briefs submitted late will be accepted up to 24 hours after the deadline listed above and will only be worth a maximum of 70 points out of 100.

Based on economic theory, assume that a minimum wage already exists in society. Please explain the effects on the economy of increasing the minimum wage. Be sure to discuss who gains and who loses(Consumer and Producer surplus). Make sure you show this graphically as well.

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