List and explain three of these effects. (3 points) 2. derived demand

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List and explainthree of these effects. (3 points)2. Derived demandA. Economists call the demand for a resource a derived factor demand. Explain whatthe term derived means in derived factor demand. (2 points)B. How is the marginal-revenue-product curve related to the derived-factordemand curve? Why is the derived-factor-demand curve downward slopingwith respect to price? (2 points)C. Why is the resource demand curve for a firm operating in an imperfectlycompetitive industry steeper than the resource demand curve of a firmoperating in a perfectly competitive industry? (4 points)D. Is the resource demand curve of a firm operating in an imperfectly competitiveindustry more or less elastic than the resource demand curve of a firmoperating in a perfectly competitive industry? Is a firm operating in animperfectly competitive industry more or less responsive to resource pricechanges than a firm operating in a perfectly competitive industry? (4 points)3. At what point will a profit-maximizing firm stop hiring new employees?(4 points)4. The three determinants of resource demand: 1) demand for the final good or service, 2)technology that affects the productivity of resources, and 3) prices of complement andsubstitute resources.A. Explain how a change in the demand for a good will change the demand for theresource used to produce the good. Give an example. (4 points)B. Changes in technology can cause changes in the productivity of a resource.Technological change can be economy-wide, industry-specific, or can occurwithin one firm’ s production process. Explain how a change in the productivityof a resource changes the demand for the resource. Give an example. (4 points)C. Suppose labor and capital are substitute resources, and the price of capitaldecreases. What happens to the demand for labor and capital? Do theproducers produce more or less of the final good? Explain your answers.(6 points)D. Suppose labor and capital are complement resources, and the price of capitaldecreases. What happens to the demand for labor and capital? Do theproducers produce more, less, or the same amount of the final good? (6 points) AP MicroeconomicsAssignment: Apply Concepts of Factor Demand5. Page 2 of 2 Elasticity A. Blue Chair Press publishes art books. The demand for art books published byBlue Chair Press is highly elastic. Labor is a significant input in the productionof art books. Show on a demand and supply graph for Blue Chair Press artbooks the effect of an increase in the wage rate. What can you conclude aboutthe elasticity of demand for labor? (4 points)B. Blue Chair Press uses a lot of labor when it edits and publishes texts. Its laborcosts are 80% of its total costs. Compare the elasticity of demand for labor inthis situation with the elasticity of labor demand if labor accounted for only20% of Blue Chair Press’s total costs. (4 points)C. Since Blue Chair Press requires very specific artistic skills from the labor ithires, there are few substitutes for the type of labor the firm requires. Howdoes this affect the elasticity of demand for labor? (2 points)D. True or False: The higher the elasticity of demand for the product, art books,the more inelastic is the demand for the resource, labor, that produces the artbooks. Explain your answer. (2 points)E. True or False: If the ratio of labor costs to total costs is low, then the elasticityof demand for labor is low and a given wage increase results in fewer laborerslosing jobs than if the elasticity of demand is higher. Explain your answer.(2 points)6. Marginal AnalysisA. Explain how marginal analysis is used to determine the least-cost combinationof labor and capital used to produce a given level of output. (2 points)B. Explain how marginal analysis is used to determine the profit-maximizingcombination of labor (L) and capital (K) used to produce a given level ofoutput. Give your answers in words and in an equation. (2 points)C. Is the least-cost combination or resources also the profit-maximizing level ofresources? Explain your answer. (3 points) ____________© Copyright 2002 Apex Learning, Inc. All rights reserved. This material is intended for the exclusive use ofregistered users only. No portion of these materials may be reproduced or redistributed in any form without theexpress written permission of Apex Learning, Inc.

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