Economics · Microeconomics
The output elasticity of labour is correctly defined as:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1a measure of the percentage change in output that results from a one percent change in the quantity of labour employed✓
- 2equal to the ratio of total product to the quantity of labour employed
- 3the percentage change in labour required to produce one more unit of output
- 4equal to one at the level of output where marginal product is at a minimum
Correct answer
a measure of the percentage change in output that results from a one percent change in the quantity of labour employed
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