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Aggregate Supply and Demand, the Price Level

C/E/482. Based on your understanding of the aggregate supply and aggregate demand model (AS-AD) and the IS-LM model, graphically illustrate and explain what effect an increase in the minimum wage will have on the economy.

WORDS:
1700
DATE:
2010
PRICE:
19.99 GBP

The paper looks at the immediate and medium-term effects of a minimum wage increase (MWI) on the economy explaining the conditions behind the equilibrium between the aggregate demand and supply, reviewing the Keynesian hypothesis of the nominal wages importance, and discussing MWI effects on the labour market and real wage equilibrium.

 

KEYWORDS: Increase in minimum wage, aggregate supply and demand, short run and medium run equilibrium, labour market, real wage,

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Received thanx great paper J.C.