Hicks–Marshall laws of derived demand

In economics, the Hicks–Marshall laws of derived demand assert that, other things equal, the own-wage elasticity of demand for a category of labor is high under the following conditions: When the price elasticity of demand for the product being produced is high (scale effect), an increase in wages will lead to a large change in the quantity of the final product demanded affecting employment greatly. When other factors of production can be easily substituted for the category of labor (substitution effect).

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