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?

I require that you include the section number where you found your answers. For example: (Amacher & Pate, 2019, section 2.3).

References
Amacher, R. and Pate, J. (2019). Principles of microeconomics (2nd ed.).

Bernstein, J. (2018, October 7). Amazon’s raise: Unequivocally good news
(Links to an external site.)
. The Journal Gazette. Retrieved from http://www.journalgazette.net/opinion/columns/20181007/amazons-raise-unequivocally-good-news