Prior to beginning work on this discussion, read Chapter 12 in your textbook and Jared Bernstein’s article .
Based on the article’s information and Chapter 12 in your textbook, respond to the following:
The link to article :
- Why is the demand for labor called a derived demand?
- In the labor market, what are the firm’s demand curve for labor and the workers’ supply curve of labor?
- How is a firm’s 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?