Problem
1. If labor and capital must be used in fixed proportions to produce product X, would the demand for labor by the X industry be perfectly inelastic? Why or why not?
2. In your own words, explain why the amount demanded of a productive resource is negatively related to its price. Why would the demand curve of a resource (typically) be more elastic if it were assumed that buyers had more time in which to respond?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.