Meaning of derived demand for a factor.

Question

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Answer 1

Question

Chapter 13, Problem 1QP

To determine

Meaning of derived demand for a factor.

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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Answer 2

Question

Chapter 13, Problem 1QP

To determine

Meaning of derived demand for a factor.

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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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 13, Problem 1QP

To determine

Meaning of derived demand for a factor.

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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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 13, Problem 1QP

To determine

Meaning of derived demand for a factor.

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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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 13, Problem 1QP

To determine

Meaning of derived demand for a factor.

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.

Answer 6

Chapter 13, Problem 1QP

To determine

Meaning of derived demand for a factor.

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.

Answer 7

Chapter 13, Problem 1QP

To determine

Meaning of derived demand for a factor.

Answer 8

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.