QUESTION 8 (5 MARKS) As a labour economist consulting for a state government, you are evaluating...

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QUESTION 8 (5 MARKS) As a labour economist consulting for a state government, you are evaluating the elasticity of labour demand for public school teachers and nurses amid budget constraints. Your analysis will inform workforce policies for these essential sectors. a) Utilizing Marshall's rules of derived demand, determine which specific rule explains why the labour demand for public school teachers and nurses should be relatively inelastic. b) Discuss how the identified rule from part a) specifically applies to the professions of public school teachers and nurses. Consider the nature of the services they provide, the lack of close substitutes, and their critical role in the production processes of education and healthcare. QUESTION 8 (5 MARKS) As a labour economist consulting for a state government, you are evaluating the elasticity of labour demand for public school teachers and nurses amid budget constraints. Your analysis will inform workforce policies for these essential sectors. a) Utilizing Marshall's rules of derived demand, determine which specific rule explains why the labour demand for public school teachers and nurses should be relatively inelastic. b) Discuss how the identified rule from part a) specifically applies to the professions of public school teachers and nurses. Consider the nature of the services they provide, the lack of close substitutes, and their critical role in the production processes of education and healthcare.