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.).
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.

Articles
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