Discuss what economic theory predicts will happen with a minimum wage set above the equilibrium wage rate.

Discuss what economic theory predicts will happen with a minimum wage set above the equilibrium wage rate.Draw a supply and demand graph illustrating the effect of a minimum wage (do not just copy and paste a graph; create your own).Discuss the Efficiency Wage Theory and explain why its predictions are not valid for a minimum wage.Discuss what elasticity conditions (labor demand/supply perfectly elastic, elastic, unitary elastic, inelastic, or perfectly inelastic) would be needed for the minimum wage to benefit low-income workers.