Daily exercise 1 for 9/28

The impacts of a minimum wage depend heavily on the labor demand elasticity. Suppose a labor market looks like the example from class but has a smaller demand elasticity: `eta=-0.5`. Other variables are the same: initial wage = $12, initial Q = 10,000, labor supply elasticity `eta_S = +0.5`, and the proposed minimum wage = $15.

1. What is the new Q under the policy?
2. What is the gain in PS to job keepers?
3. What is the loss in PS to job losers?

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