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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.
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 )
Which is more elastic, the demand for pharmacists or the demand for custodial workers. Discuss with...
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discuss why two products you buy have price elastic demand.List and discuss why two products you buy have price inelastic demand.
CHAPTE Steve Jobs was pleased to discover that the demand for iPhones was even more elastic than that. Two months after launching the 8 GB iPhone in 2007, he reduced its price from $599 to $399. Unit sales not only increased, they soared, as In the News "After iPhone Price Cut, Sales Are Up by 200 Percent" reports. Demand for the iPhone was very elastic. IN THE NEWS AFTER IPHONE PRICE CUT, SALES ARE UP BY 200 PERCENT Piper Gene...