Discussion Post: Demand for Labor and Minimum Wage
a) Why is the demand for labor called a derived demand?
b) In the labor market, what are the firm's demand curve for labor and the workers' supply curve of labor?
c) How is a firm's wage normally determined in the labor market?
d) 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?
e) 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?
The response should include a reference list. Using one-inch margins, Times New Roman 12 pnt font, double-space and APA style of writing and citations.