BuyFind

Microeconomics

13th Edition
Roger A. Arnold
Publisher: Cengage Learning
ISBN: 9781337617406
BuyFind

Microeconomics

13th Edition
Roger A. Arnold
Publisher: Cengage Learning
ISBN: 9781337617406

Solutions

Chapter
Section
Chapter 13, Problem 1QP
Textbook Problem

What does it mean to say that the demand for a factor is a derived demand?

Expert Solution
To determine

Meaning of derived demand for a factor.

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.

Want to see more full solutions like this?

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

Get Solutions

Want to see more full solutions like this?

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

Get Solutions

Chapter 13 Solutions

Microeconomics
Show all chapter solutions

Additional Business Textbook Solutions

Find more solutions based on key concepts
Show solutions
(Oligopoly Power) What are three sources of oligopolies?

ECON: MICRO4 (New, Engaging Titles from 4LTR Press)

What is it that the entrepreneur does?

Economics (MindTap Course List)

How does a period cost differ from a product cost?

Managerial Accounting: The Cornerstone of Business Decision-Making

REQUIRED INVESTMENT Truman Industries is considering an expansion. The necessary equipment would be purchased f...

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)

What is the quantity decision? The pricing decision?

Cornerstones of Cost Management (Cornerstones Series)