Minimum wage has been a topic in recent Congressional elections. The concern is that the minimum wage of $7.25 an hour is too low and needs to be raised to $10 to $15 and hour. The effect of the increase on the economy is dependent upon the current wage in the market (not just the current minimum wage). If the average hourly wage in Texas is $12 an hour and the government changes minimum wage to $10 an hour, what will the effect of the wage be on the economy? Explain your answer and show your answer on a graph.