• Outline step by step the derivation of the short run labour demand curve. Do not confuse this wit the model for long run labour demand involving isoquants and the isocost curves. You do not have t give a graph. The first step is a description of the behavioural assumption. Restrict your analysis to a intuitive but methodical discussion. Include in your analysis an explanation of why it is called the derived demand for labour.
• Explain the different implications for labour demand between the case in which the output marke is monopolized and the case in which it is perfectly competitive.
• Hicks' laws refer to the factors which affect the elasticity of labour demand. Explain the role of each of the following variables, and provide an explanation:
a) the availability of substitute inputs
b) the elasticity of demand for output
c) the ratio of labour cost to total cost.

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The Answer of • Outline step by step the derivation of the short run labour demand curve. Do not confuse this wit the model for long run labour demand involving isoquants and the isocost curves. You do not have t give a graph. The first step is a description of the behavioural assumption. Restrict your analysis to a intuitive but methodical discussion. Include in your analysis an explanation of why it is called the derived demand for labour.
• Explain the different implications for labour demand between the case in which the output marke is monopolized and the case in which it is perfectly competitive.
• Hicks' laws refer to the factors which affect the elasticity of labour demand. Explain the role of each of the following variables, and provide an explanation:
a) the availability of substitute inputs
b) the elasticity of demand for output
c) the ratio of labour cost to total cost.

• Outline Step by Step the Derivation of the Short