Demand: Utility and Marginality (ECO 201 Module 3 Case)

Write a paper that’s addresses the following questions:

1. The demand for factors of production or resources is called a derived demand. Explain the reasoning behind
this terminology. What are the determinants that lie behind the demand for factors?

2. Suppose you were the economic adviser to the president of a small underdeveloped country. What advice would
you give him or her with respect to how the country could raise the productivity of its labor force? (Hint: What
factors increase labor productivity?)

3. Explain how changes in technology affect and change the demand for labor. Distinguish between situations
in which a particular type of technological change increases the demand for a particular type of labor and those
in which it decreases the demand for a particular type of labor.

4. Given the evidence cited in the Case in Point on the increasing wage gap between workers with college
degrees and those who have only completed high school, how has the greater use by firms of high-tech capital
affected the marginal products of workers with college degrees? How has it affected their marginal revenue
product?
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