What Are the Four Factors That Influence the Elasticity of Market

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Examlex · Accepted Answer

The Answer is The four factors are:
1. The elasticity of demand for a firm's good.
2. The relative importance of the factor in the production process.
3. The possibility of, and cost of, substitution in production.
4. The degree to which marginal productivity falls with an increase in the factor.
18. How is artificial intelligence likely to influence the labor market?
Artificial intelligence is a technological change that will displace certain types of mental labor that people previously thought was unique to humans, by algorithms. There will still be work for humans on the high end and low end of creativity-designing algorithms on the high end, and doing the mental scut work of filling an algorithm to a particular issue on the less creative end. So it will likely not reduce the total number of jobs, but it will significantly change the nature of the jobs.

What Are the Four Factors That Influence the Elasticity of Market

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