HW6Answer.doc - Principles of Microeconomics(Econ 2600...

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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) 1. What does it mean to say that the demand for a factor is a derived demand?
7. What is the relationship between labor productivity and wage rates?
14. 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)
Working with Numbers and Graphs: 1, 2 (p372-373)

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