The minimum wage jumps from the current $7.25/hour to $15.00/hour. This has the ef-
fect of causing a shift in demand for restaurant dinners. Eventually, a large number of en-
trepreneurs see this demand and enter the restaurant business, creating a shift in sup-
ply. Using the graph outlines provided below, mark label the following:
1. Initial demand (D1), initial supply (S1) and initial equilibrium (E1).
2. The shift in demand (D2) and corresponding new equilibrium (E2).
3. The shift in supply (S2) and the corresponding new equilibrium (E3).
Use arrows to show the direction of the supply and demand curve shifts from D1 to D2,
and from S1 to 52.