EBK PRINCIPLES OF MICROECONOMICS (SECON
2nd Edition
ISBN: 9780393616149
Author: Mateer
Publisher: W.W.NORTON+CO. (CC)
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Question
Chapter 14, Problem 1QR
To determine
Describe the derived
Expert Solution & Answer
Explanation of Solution
Derived demand is an increased demand for factors of production due to an increase in the demand for the product. The derived demand is not a direct consumer demand, but the demand derived from the increasing consumer’s demand in a particular commodity. Also, this increased demand in consumer good will ultimately increase the demand for its factor of production.
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Chapter 14 Solutions
EBK PRINCIPLES OF MICROECONOMICS (SECON
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