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The demand for a resource depends primarily on:

A. The supply of that resource.

B. The elasticity of supply of substitute inputs.

C. The price of that input.

D. The demand for the product or service that it helps produce.

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Mahe Alam
Mahe AlamLv10
25 Mar 2021
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Related questions

The demand for a resource depends primarily on:
A. the supply of that resource.
B. the demand for the product or service that it helps produce.
C. the price of that input.
D. the elasticity of supply of substitute inputs.

the elasticity of resource demand will be greater the

a. smaller the portion of the product's total costs accounted for by the resource. 

b. less the elasticity of demand for the product it is producing

c. easier it is to substitute resources that are available

d. less the elasticity of resource supply. 

What factors determine the elasticity of resource demand? What effect will each of the following have on the elasticity or the location of the demand for resource C, which is being used to produce commodity X? Where there is any uncertainty as to the outcome, specify the causes of that uncertainty.

(a) An increase in the demand for product X.

(b) An increase in the price of substitute resource D.

(c) An increase in the number of resources substitutable for C in producing X.

(d) A technological improvement in the capital equipment with which resource C is combined.

(e) A fall in the price of complementary resource E.

(f) A decline in the elasticity of demand for product X due to a decline in the competitiveness of product market X.

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