Question
In: Economics
1) Using the determinants of elasticity of labor demand, discuss how each of those determinants applies...
1) Using the determinants of elasticity of labor demand, discuss how each of those determinants applies in the case of fitness instructors. Conclude with whether you believe, as a result of your discussion, demand for fitness instructors is likely elastic or inelastic.
Solutions
Expert Solution
Elasticity of labour demand is more elastic when a firm possible to substitute easily and cheaply between labour and capital inputs .which more details says that it measures the responsiveness of demand for labour when there is a change in the making market wage rate. The elasticity of demand for labour depends on some factors like labour cost and ease and cost of factotr substitution and price elasticity of demand for demand of final product and finally time period. So labour demand is elastic when the employment is sensitive to changing wages. And labour demand. Is in elastic when the large rise in wages causes only a small fall in employment.
Rahul Sunny answered 2 years agoRelated Solutions
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4. Determinants of the price elasticity of demand Consider some determinants of the price elasticity of...
4. Determinants of the price elasticity of
demand
Consider some determinants of the price elasticity of
demand:
•
The availability of close substitutes
•
The proportion of a consumer's budget spent on the good
•
The time horizon being considered
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necessary...
4. Determinants of the price elasticity of demand Consider some determinants of the price elasticity of...
4. Determinants of the price elasticity of
demand
Consider some determinants of the price elasticity of
demand:
•
The availability of close substitutes
•
The proportion of a consumer's budget spent on the good
•
The time horizon being considered
A good with many close substitutes is likely to have relatively
demand, because consumers can easily choose to purchase
one of the close substitutes if the price of the good rises.
A good’s price elasticity of demand depends in part...
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1) (Determinants of elasticity of demand) Which of these is an example of a product that...
1) (Determinants of elasticity of demand)
Which of these is an example of a product that could be
considered to have inelastic demand?
Group of answer choices
-A flower arrangement where there are many to choose from of
equal quality
-You need to upgrade your computer in the next 6 months
-Utility bill for water service
-Purchasing a new home
------------------
2)
Pulling some information from a demand curve graph we get the
following data points:
Q
P
55
20¢...
What are the determinants of demand for labor and supply of labor? How is the equilibrium...
What are the determinants of demand for labor and supply of
labor? How is the equilibrium wage rate determined in a labor
market? Why a janitor gets lower wage than a heart surgeon? Why
wage rates of all types of labor are lower in India and Pakistan
than Saudi Arabia?
What are the determinants of demand for labor and supply of labor? How is the equilibrium...
What are the determinants of demand for labor and supply of
labor? How is the equilibrium wage rate determined in a labor
market? Why a janitor gets lower wage than a heart surgeon? Why
wage rates of all types of labor are lower in India and Pakistan
than Saudi Arabia?
Are cigarettes relatively demand elastic or demand inelastic? Explain using the determinants of price elasticity of...
Are cigarettes relatively demand elastic or demand inelastic?
Explain using the determinants of price elasticity of demand. Does
the burden of cigarette taxes fall more heavily on buyers or
sellers? Explain. Do you think that higher cigarette taxes will
deter more people from smoking? (200 WORDS)
Question 3: What are the determinants of demand for labor and supply of labor? How the...
Question 3:
What are the determinants of demand for labor and supply of
labor? How the equilibrium wage rate is determined in labor market?
Why a janitor gets lower wage than a heart surgeon? Explain
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