Minimum Wage

I think the minimum wage should be raised but not to $10/hour. Some jobs, even low wage ones, require more effort than others and you should be paid according to the amount of effort you put in, and I think that should be determined by the employer. But at the same it there must be a federal minimum wage to prevent employers from paying their employees far too little.

Price Floors

I agree with price floors because they can help make society and the common everyday life of people better if used on certain items. An item that I would agree with having a price floor on would be alcohol. By raising the price on alcohol then people would be less likely to go out and drink a ton of it. By reducing the amount of people getting drunk you would also reduce many car accidents and other catastrophes. And it would also decrease the amount of alcohol poisoning there is 

Price Ceilings

I agree with price ceilings because there are some items that some people need to buy and if they do not make enough money to get it then they may suffer. Some items like that are medicine. medicine cannot be lived without for people with diabetes, asthma, cancer, or any other extreme health problem. A price ceiling on certain medicines would make sure that these people are still able to purchase them.

Supply Schedule/ Inelastic Elastic/ Increase Decrease in Supply

Inelastic - Elastic diagrams

Headlines

1. Complementary Demand: "Lady Gaga wears dress made of sandwiches. Bread and lunch meat prices skyrocket!"

2. Substitute Demand: "Meteor strikes Coka-cola factory. Coke productions halted. Pepsi sales increase dramatically."

3. Elastic Demand: "Prices for new iPhone triple! Only 7 sold in the past month."

4. Inelastic Demand: "Sudden rise in portable oxygen prices takes users breath away."

The full story here:

The prices for portable oxygen have been dramatically increasing and people who are reliant on them must pay for these ridiculous prices. With oxygen being a must have for every person these people don’t have a choice, they must buy the oxygen. There are no alternatives to it, and they can’t just stop using it either.  “I have had to cut back on many of my other, non-essential, items. I don’t need any of them as much as I need access to a portable oxygen supply.” says Guy McPerson, who had smoked for years before he quit and now relies on his portable oxygen to help him breath. Guy is not the only one who has had to cut back on their more luxurious items to fill their need of this necessity. We hope that soon the price for the portable oxygen tanks that these people need will go down so that they can enjoy their luxuries once again.   

Demand Chart

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