Asked by Yasmin Gallegos on Apr 24, 2024
Verified
Elasticity of resource demand is measured by dividing "percentage change in resource price" by "percentage change in resource quantity."
Elasticity of Resource Demand
Measures the responsiveness of the quantity demanded of a resource to a change in its price, indicating how changes in price influence resource allocation.
Percentage Change
A mathematical calculation that represents the degree of change over time as a proportion of the initial value, often expressed as a percentage.
- Comprehend how elasticity in product demand affects the demand for labor and its subsequent influence on labor demand elasticity.
Verified Answer
RS
Ravneet Singh6 days ago
Final Answer :
False
Explanation :
Elasticity of resource demand is measured by dividing the "percentage change in resource quantity" by the "percentage change in resource price."
Learning Objectives
- Comprehend how elasticity in product demand affects the demand for labor and its subsequent influence on labor demand elasticity.
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