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Explain the main factors which might determine the elasticity of supply of labour to an occupation such as computer specialist (10)
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Explain the main factors which might determine the elasticity of supply of labour to an occupation such as computer specialist (10) The elasticity of supply of labour measures how a change in wage rate will affect the amount of labour supplied to a given market in this case computer specialists, it shows how flexible a labour market is to enter and exit. Both elastic and inelastic labour markets are shown below. As you can see a inelastic labour market has a steeper supply of labour curve as it is not easy to enter the market usually due to the high skill levels needed and how long the investment in human capital will take before the economic agent can enter the market with the required skill, however an elastic labour market has a much less steep labour supply curve showing that the market is easier to enter and exit due to the...
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