Principles of Microeconomics (Econ 2600)
Lakeland Community College
Dr. Hyojin Jeong
Homework Assignment 6 Suggested Answers
I. Chapter 13 Questions & Problems: 1, 7, 14 (p372)
What does it mean to say that the demand for a factor is a derived demand?
What is the relationship between labor productivity and wage rates?
Explain the relationship between each of the following: (a) The elasticity of demand
for a product and the elasticity of demand for labor that produces the product; (b)