Homework Answers
Ans:
derived demand
Explanation
Derived demand is the demand for a resource resulting from the demand for a good or service. The demand for labor comes from the demand for the product that labor produces.
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In the resource market, the demand for labor is a(n) income demand derived demand complementary demand...
Class, resource demand is derived from demand for products and services that the resources produce. Demand...
Class, resource demand is derived from demand for products and services that the resources produce. Demand for products and services is a question of income and tastes. But resource demand is more passive in the sense that it is derived from the demand for the products the resource can produce. If a resource can’t be used in production of a desired product or service, there will not be any demand for it. Additionally, resources are often less mobile than products,...
The demand for labor is a "derived demand." What does that mean? Explain how this derived...
The demand for labor is a "derived demand." What does that mean? Explain how this derived demand depends on the productivity of a worker and the value of the product produced by a worker. Use the terms "average productivity," "marginal productivity," and "the law of diminishing marginal productivity" in your explanation. Provide examples that consider at least one of the following issues: (1) the impact of consumer demand on a product for the demand for labor that produces that product;...
8.) Derived demand is exemplified in which of the following? a.) The salary of computer techs...
8.) Derived demand is exemplified in which of the following? a.) The salary of computer techs rise, resulting in a decrease in supply and an increase in demand. b.) The salary of computer techs fall, resulting in an increase in supply and a decrease in demand. c.) Consumers want computers, so producers raise the price of computers. d.) Consumers want faster computers, so technology firms invest in capital and labor. e.) None of the above 9.) Demand for capital a.)...
MATCHING Match the key terms with the descriptions. Demand for a resource determined by the demand...
MATCHING Match the key terms with the descriptions. Demand for a resource determined by the demand for the product that resource produces. The more hours one is expected to work, the higher value one places on those foregone hours. Price determined by the interaction of the demand and supply of labor. The responsiveness of workers willingness to work for higher wages. Payment for a land resource. Minimum necessary payment the landowner will accept to get their land put to use....
1. If the firm is a price taker in the input market, the resource cost of...
1. If the firm is a price taker in the input market, the resource cost of an input is which of the following? A. It is equal to the marginal cost. B. It equals the market price for the resource. C. It is not equal to the market price. D. It is not equal to the marginal physical product 2. Profit maximizing firms must do which of the following? A. Use more than enough resources to equalize marginal revenue product...
QUESTION 29 In the labor market, the income and substitution effects work in the same direction....
QUESTION 29 In the labor market, the income and substitution effects work in the same direction. O True O False
Why is the demand for factor inputs, such as labor, a derived demand?
Why is the demand for factor inputs, such as labor, a derived demand?
The market demand curve is derived graphically by adding the prices all individuals are willing to...
The market demand curve is derived graphically by adding the prices all individuals are willing to pay at each specific quantity demanded - process of vertical summation. adding the marginal utilities for all adding the quantity demanded by all individuals in the market at each specific price - process of horizontal summation. adding the price paid by all individuals in the market at each quantity demanded.
14) Money Resource (Factor) Market production income Factors of v Businesses Households Product Market expenditures Consumption...
14) Money Resource (Factor) Market production income Factors of v Businesses Households Product Market expenditures Consumption Use this circular flow diagram illustrating the roles of businesses and individuals in both the product and resource markets to answer any questions that follow, Arrow IV represents the flow of which three things? A investment, credit, and capital Product Market expenditures Consumption Use this circular flow diagram illustrating the roles of businesses and individuals in both the pr resource markets to answer any...
Describe how total market demand for private and public goods are derived. Explain why these two types of demand curves...
Describe how total market demand for private and public goods are derived. Explain why these two types of demand curves are derived differently. The use of diagrams will make this question easier to answer.
The demand for labor is a "derived demand." What does that mean? Explain how this derived demand depends on the productivity of a worker and the value of the product produced by a worker. Use the terms "average productivity," "marginal productivity," and "the law of diminishing marginal productivity" in your explanation. Provide examples that consider at least one of the following issues: (1) the impact of consumer demand on a product for the demand for labor that produces that product;...
8.) Derived demand is exemplified in which of the following? a.) The salary of computer techs rise, resulting in a decrease in supply and an increase in demand. b.) The salary of computer techs fall, resulting in an increase in supply and a decrease in demand. c.) Consumers want computers, so producers raise the price of computers. d.) Consumers want faster computers, so technology firms invest in capital and labor. e.) None of the above 9.) Demand for capital a.)...
MATCHING Match the key terms with the descriptions. Demand for a resource determined by the demand for the product that resource produces. The more hours one is expected to work, the higher value one places on those foregone hours. Price determined by the interaction of the demand and supply of labor. The responsiveness of workers willingness to work for higher wages. Payment for a land resource. Minimum necessary payment the landowner will accept to get their land put to use....
QUESTION 29 In the labor market, the income and substitution effects work in the same direction. O True O False
Why is the demand for factor inputs, such as labor, a derived demand?
The market demand curve is derived graphically by adding the prices all individuals are willing to pay at each specific quantity demanded - process of vertical summation. adding the marginal utilities for all adding the quantity demanded by all individuals in the market at each specific price - process of horizontal summation. adding the price paid by all individuals in the market at each quantity demanded.
14) Money Resource (Factor) Market production income Factors of v Businesses Households Product Market expenditures Consumption Use this circular flow diagram illustrating the roles of businesses and individuals in both the product and resource markets to answer any questions that follow, Arrow IV represents the flow of which three things? A investment, credit, and capital Product Market expenditures Consumption Use this circular flow diagram illustrating the roles of businesses and individuals in both the pr resource markets to answer any...
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