CAPE Economics Unit 1 · 2014 · Paper 2 · Question 5(a)(i)
Explain what is meant by the statement 'The demand for all productive resources is a derived demand.'
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- 5(a)(ii) a)Outline TWO factors that influence the demand for labour.[4 marks]
- 5(a)(ii) b)Outline TWO factors that influence the supply of labour.[4 marks]
- 5(b)(i)State the 'least-cost rule'.[2 marks]
- 5(b)(ii)Use the least-cost rule to calculate the hourly rental price of a machine.[3 marks]
- 5(b)(iii)Assuming the popularity of Blue Corp's semiconductor chips falls, explain with the aid of a well-labelled diagram the effect of this decrease on the marginal…[6 marks]
- 5(c)Outline TWO factors that can account for workers in certain countries being more productive than workers in other countries.[4 marks]
More practice: the rest of this paper · more The Demand for and Supply of Factors questions · all CAPE Economics Unit 1 past papers