Change in Labor Demand: Scale Effect and Substitution Effect
Автор: Econ with Jawid
Загружено: 2023-10-04
Просмотров: 1093
Описание: In the video we will learn about Change in Labor Demand: Scale Effect and Substitution Effect. The change in labor demand will happen when one of the effecting factor changes either wage factor or none-wage factors. But, the main question is why this change happens? The change in labor demand will happen because of two types of effects: scale effect and substitution effect. Scale effect means that the firm will change the overall level of output, either increase or decrease based on different circumstances. Substitution effect means that the firm will substitute one input or factor to another input or factor.
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