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14 questions from this quiz
Demand arising from demand for final goods
It depends on demand for the final product
Increases MRP, raising demand
Inverse relationship
Can complement or substitute labour
Firms expand and hire more workers
When labour easily substituted with capital
Higher proportion makes demand more elastic
Long run more elastic than short run
Total Output/Workers or Hours Worked\text{Total Output} / \text{Workers or Hours Worked}Total Output/Workers or Hours Worked
Total Labour Costs/Total Output\text{Total Labour Costs} / \text{Total Output}Total Labour Costs/Total Output
Average Wage/Labour Productivity\text{Average Wage} / \text{Labour Productivity}Average Wage/Labour Productivity
Where MRP equals the wage rate
MPL×MRMPL \times MRMPL×MR
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