There have been a lot of campaigns regarding minimum wage across the country. Many state that the federal minimum wage of 7.25 per hour provides a lower standard of living because many are struggling to make ends meet. Now it is true that living off of 7.25 per hour is extremely difficult especially in certain states where cost of living is more inflated than other states, for example New York or California.
The article " The Effects of Minimum Wages of Unemployment" state that using a -.1 elasticity and applying this to teenagers only, has cut employment opportunities by about 18,600 jobs. They increased this elasticity to -.02 and widened the age group to people in the 16-24 years and the jobs cut were 75,600. According to the article
The article " The Effects of Minimum Wages of Unemployment" state that using a -.1 elasticity and applying this to teenagers only, has cut employment opportunities by about 18,600 jobs. They increased this elasticity to -.02 and widened the age group to people in the 16-24 years and the jobs cut were 75,600. According to the article