MICROECONOMICS-MINDTAP (1 TERM)
13th Edition
ISBN: 9780357686942
Author: Arnold
Publisher: CENGAGE L
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Question
Chapter 13, Problem 1QP
To determine
Meaning of derived
Expert Solution & Answer
Explanation of Solution
Derived demand is the demand for the factors of production that depend on the demand for the good that the factor produces. Since the demand for labor depends on the demand for goods and services that the labor produces, the demand for labor is a derived demand. For example, when the demand for product increases, the demand for labors also increases.
Economics Concept Introduction
Derived demand: Derived demand refers to the demand for the factors of production that depend on the demand for the good the factor produces.
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Chapter 13 Solutions
MICROECONOMICS-MINDTAP (1 TERM)
Ch. 13.1 - Prob. 1STCh. 13.1 - Prob. 2STCh. 13.1 - Prob. 3STCh. 13.1 - Prob. 4STCh. 13.2 - Prob. 1STCh. 13.2 - Prob. 2STCh. 13.2 - Prob. 3STCh. 13.2 - Prob. 4STCh. 13 - Prob. 1QPCh. 13 - Prob. 2QP
Ch. 13 - Prob. 3QPCh. 13 - Compare the firms least-cost rule with how buyers...Ch. 13 - Prob. 5QPCh. 13 - Prob. 6QPCh. 13 - Prob. 7QPCh. 13 - Prob. 8QPCh. 13 - Prob. 9QPCh. 13 - Prob. 10QPCh. 13 - Prob. 11QPCh. 13 - Prob. 12QPCh. 13 - Prob. 13QPCh. 13 - Prob. 14QPCh. 13 - Prob. 15QPCh. 13 - Prob. 16QPCh. 13 - Prob. 1WNGCh. 13 - Prob. 2WNGCh. 13 - Prob. 3WNGCh. 13 - Prob. 4WNGCh. 13 - Prob. 5WNG
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