Unformatted text preview: which elastic supply of substitutes keeps the price of the substitute from soaring super high. The labor in production costs, that is how much of the total costs are related to labor, also plays a role and time/labor demand schedules tend to increase in elasticity because time allows employers the luxury of looking for a way to avoid high priced workers through alternative methods....
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This note was uploaded on 11/24/2011 for the course ARE 150 taught by Professor Martin during the Spring '08 term at UC Davis.
- Spring '08