Compare the factors that explain the elasticity of resource and product demand
What will be an ideal response?
Elasticity of resource demand is directly affected by the elasticity of product demand, and thus by the same factors that affect product demand elasticity. In addition, resource demand elasticity will be affected by the ease of resource substitutability and the proportion of total production costs accounted for by the resource (the larger the proportion, the more elastic the demand).
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Refer to the figure above. Which apartment is the best feasible choice for the individual?
A) Apartment 1 B) Apartment 2 C) Apartment 3 D) Apartment 4
If product price increases, then:
a. MP will increase. b. MFC will increase. c. MRP will increase. d. MP will decrease.
What are indivisible inputs and what are their implications for economies of scale?
What will be an ideal response?
The velocity of money is:
A. how many times on average the typical dollar changes hands in an exchange during the year. B. how many times the average dollar gets spent per year. C. the number of transactions in which a typical dollar is used during a year. D. All of these statements are true.