Why is the demand for labor called a derived demand

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Assignment:

Demand for Labor and Minimum Wage

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

Based on the article's information and 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?

Reference no: EM133515469

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