Demand for Labor and Minimum Wage
Read Jared Bernstein’s article, https://www.journalgazette.net/opinion/columns/20181007/amazons-raise-unequivocally-good-news and Chapter 12 of Amacher, R. and Pate, J. (2019). Principles of microeconomics (2nd ed.). Retrieved from https://content.ashford.eduWhy 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?
