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How is a firm wage normally determined in the labor market

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Reference no: EM132310371

Discussion 1: Demand for Labor and Minimum Wage

Prior to beginning work on this discussion, read Jared Bernstein's article, Amazon's Raise: Unequivocally Good News.

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.

Discussion 2: Public Choice and Rent Seeking

Prior to beginning work on this discussion, read Tim Worstall's article, One Benefit of Nancy MacLean's Democracy in Chains - Public Choice and Rent Seeking Popularised.

Based on the article's information and Chapter 14 in your textbook, especially Sections 14.1 and 14.2, respond to the following:

• What is the public choice idea or theory?

• Explain what rent seeking is.

• How can you combine the ideas of public choice and rent seeking?

• Choose one real-world example of combining public choice and rent seeking to evaluate.

Your initial post should be a minimum of 300 words.

Reference no: EM132310371

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