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1. The earliest studies of the employment effects of minimum wages found elasticities (percent change in employment divided by percent change in the minimum wage) of-0.3 for teens ages 16-19, and-0.2 for young adults ages 20-24. In 2018, there are 150,000 teens ages 16-19 employed in Colorado and Colorados minimum wage will increase from $10.20 to $11.10 starting in 2019. Use the midpoint formula to calculate the percent change in minimum wage from $10.20 to $11.10 How many teens age 16-19 will be employed once the minimum wage is increased to $11.10? a. b. At the minimum wage of $11.10 we find that 310,000 young adults ages 20-24 are employed. How many were employed when the minimum wage was $10.20? c.

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