What is the right Minimum Wage? In typical Economics fashion: "It depends"

When I am asked whether or not we should have a higher minimum wage my answer is usually something like "a wage that helps all low/no skilled workers concerned and does not harm any current or future low/no skilled workers".  Admittedly not very helpful.

I put together some slides with explanations of how I try to objectively view the issue.  There maybe a sweet spot for the minimum wage.  Where that is, well, I fall back onto "it depends".  I think that is actually the best answer.

I hope this helps someone, teacher or student.  Feel free to comment.

My explain-er on the Demand for Labor in a Perfectly Competitive Labor Market. Might be useful for AP teachers and students alike.

Can you tell we are getting closer to the AP Micro test in May?  Here is a PPT on one part of the Labor Market---Perfectly Competitive Labor Market where a wage is established and the Firms are "Wage Takers"---they can hire as many workers as fits their "Marginal  Revenue Product" (defined within).

Excuse some of the bad formatting that you will see.

As always, let me know of any mistakes in content. I can always be better and make the presentation better.

Hope it helps.

Factor Market-Labor Market PPT

Uploaded by Gene on WizIQ Tutorials