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Demand for Labor and Minimum Wage

Demand for Labor and Minimum Wage

Demand for Labor and Minimum Wage 

Prior to beginning work on this discussion, read Jared Bernstein’s article, Amazon’s Raise: Unequivocally Good News (Links to an external site.)Links to an external site..

Based on the article’s 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 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?

Your initial post should be a minimum of 300 words.

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