14 Explain the relationship between each of the following pairs of concepts: a. The elasticity of demand
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14 Explain the relationship between each of the following pairs of concepts:
a. The elasticity of demand for a product and the elasticity of demand for the labor that produces the product.
b. The ratio of labor cost to total cost and the elasticity of demand for labor.
c. The number of substitutes for labor and the elasticity of demand for labor.
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