Which is more elastic, the demand for pharmacists or the demand for custodial workers. Discuss with...
Which is more elastic, the demand for pharmacists or the demand for custodial workers. Discuss with reference to any two of the Laws of Derived Demand.
Homework Answers
Demand for custodial workers is more elastic . This is because custodial workers are more abundant and less necessity than pharmacists . Pharmacists are necessary because they provide such a service which is crucial for life . So demand is not that elastic or does not fluctuate with price changes .
Hicks-Marshall Laws of derived demand tells us that own-wage elasticity of labor demand is relatively high when : it is relatively easy to substitute other factors for this category of labor ( a custodial worker is usually an unskilled worker and many unskilled workers from other sectors can replace but a pharmacists is skilled and cannot be replaced easily ) . the price elasticity of demand for final product is relatively high ( price elasticity of demand for medicines is very low )
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