Suppose the price elasticity of demand for iPods is inelastic. What would you expect about the demand elasticity for workers producing iPods? Explain
What will be an ideal response?
Because the demand for workers producing iPods is derived from the demand for iPods, the demand elasticity for the workers is positively related to the price elasticity of demand for the final products. This means that the demand elasticity for workers producing iPods is also inelastic.
Economics
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The technique that addresses the problem of assigning inputs to specific industries is
a. known as laissez faire. b. input-output analysis. c. cost-benefit analysis. d. a production possibilities frontier.
Economics
If a depletable resource is selling in a perfectly competitive market, its price will rise by greater and greater dollar amounts each year
a. True b. False Indicate whether the statement is true or false
Economics