Prior to beginning work on this discussion, read Chapter 12 in your textbook and Jared Bernsteins article Amazons Raise: Unequivocally Good News (https://www.journalgazette.net/opinion/columnists/amazons-raise-unequivocally-good-news/article_4b212d90-6433-54eb-a9f9-46e9b5dd6a6f.html).
Based on the articles information and Chapter 12 in your textbook, respond to the following:
Why is the demand for labor called a derived demand?
-In the labor market, what are the firms demand curve for labor and the workers supply curve of labor?
-How is a firms wage normally determined in the labor market?
-How could Amazon decide to raise its minimum wage to $15 per hour, despite the federal minimum wage being fixed at $7.25 per hour?
-What are positive and negative effects of Amazon raising its minimum wage to $15 per hour on its employees, total revenue, and other companies and their employees?
Your initial post should be a minimum of 300 words.
Course Text:
Amacher, R., & Pate, J. (2019). Principles of microeconomics (2nd ed.). Bridgepoint Education.