explain your answer and draw diagrams if possible. you. 1. The federal minimum wage in the United States is currently $7.50 per hour. Newly elected President Joe Biden proposes to

explain your answer and draw diagrams if possible. you. 1. The federal minimum wage in the United States is currently $7.50 per hour.
Newly elected President Joe Biden proposes to increase it to $15. Based on your
knowledge of the elasticity of labour demand for low-wage workers, how would
you expect Biden’s plan to affect: A. Employment of low-wage workers. Be precise. B. Earnings of low wage workers. Be precise. C. Prices of goods produced with low-wage labour. D. Summarize the effects of this tax and transfer policy on different groups, i.e. who
gains and who loses from this policy?

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