Apply Concepts of Factor Demand
Assignment ID Number AFFGEHU83939HD Type of Document Essay Writing Format APA/MLA/Harvard Academic Level Masters/University References/Sources 4 References
Apply Concepts of Factor Demand
Assignment: Apply Concepts of Factor Demand Page 1 of 2 1. Resource prices affect an economic system in multiple ways. List and explain
three of these effects. (3 points)
2. Derived demand
A. Economists call the demand for a resource a derived factor demand. Explain what
the term derived means in derived factor demand. (2 points)
B. How is the marginal-revenue-product curve related to the derived-factordemand curve? Why is the derived-factor-demand curve downward sloping
with respect to price? (2 points)
C. Why is the resource demand curve for a firm operating in an imperfectly
competitive industry steeper than the resource demand curve of a firm
operating in a perfectly competitive industry? (4 points)
D. Is the resource demand curve of a firm operating in an imperfectly competitive
industry more or less elastic than the resource demand curve of a firm
operating in a perfectly competitive industry? Is a firm operating in an
imperfectly competitive industry more or less responsive to resource price
changes than a firm operating in a perfectly competitive industry? (4 points)
3. At what point will a profit-maximizing firm stop hiring new employees?
4. The three determinants of resource demand: 1) demand for the final good or service, 2)
technology that affects the productivity of resources, and 3) prices of complement and
A. Explain how a change in the demand for a good will change the demand for the
resource used to produce the good. Give an example. (4 points)
B. Changes in technology can cause changes in the productivity of a resource.
Technological change can be economy-wide, industry-specific, or can occur
within one firm’ s production process. Explain how a change in the productivity
of a resource changes the demand for the resource. Give an example. (4 points)
C. Suppose labor and capital are substitute resources, and the price of capital
decreases. What happens to the demand for labor and capital? Do the
producers produce more or less of the final good? Explain your answers.
D. Suppose labor and capital are complement resources, and the price of capital
decreases. What happens to the demand for labor and capital? Do the
producers produce more, less, or the same amount of the final good? (6 points) AP Microeconomics
Assignment: Apply Concepts of Factor Demand
5. Page 2 of 2 Elasticity A. Blue Chair Press publishes art books. The demand for art books published by
Blue Chair Press is highly elastic. Labor is a significant input in the production
of art books. Show on a demand and supply graph for Blue Chair Press art
books the effect of an increase in the wage rate. What can you conclude about
the elasticity of demand for labor? (4 points)
B. Blue Chair Press uses a lot of labor when it edits and publishes texts. Its labor
costs are 80% of its total costs. Compare the elasticity of demand for labor in
this situation with the elasticity of labor demand if labor accounted for only
20% of Blue Chair Press’s total costs. (4 points)
C. Since Blue Chair Press requires very specific artistic skills from the labor it
hires, there are few substitutes for the type of labor the firm requires. How
does this affect the elasticity of demand for labor? (2 points)
D. True or False: The higher the elasticity of demand for the product, art books,
the more inelastic is the demand for the resource, labor, that produces the art
books. Explain your answer. (2 points)
E. True or False: If the ratio of labor costs to total costs is low, then the elasticity
of demand for labor is low and a given wage increase results in fewer laborers
losing jobs than if the elasticity of demand is higher. Explain your answer.
6. Marginal Analysis
A. Explain how marginal analysis is used to determine the least-cost combination
of labor and capital used to produce a given level of output. (2 points)
B. Explain how marginal analysis is used to determine the profit-maximizing
combination of labor (L) and capital (K) used to produce a given level of
output. Give your answers in words and in an equation. (2 points)
C. Is the least-cost combination or resources also the profit-maximizing level of
resources? Explain your answer. (3 points) ____________
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QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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