Question: 1.Consider the situations described below.For each situation described, state and explain one Hicks-Marshall Law of derived demand that best applies. a.)University professors resist a university

1.Consider the situations described below.For each situation described, state andexplainone Hicks-Marshall Law of derived demand that best applies.

a.)University professors resist a university policy that allows graduate students to teach undergraduate classes.

b.)The demand for unskilled labor in a labor-intensive industry is more elastic than the demand for labor in a capital-intensive industry.

c.)The demand for labor for workers making insulin is more inelastic than the demand for labor for workers making aspirin.

D.) You are analyzing the elasticity of demand for airlines pilots and learn that U.S laws are changed so that foreign airlines are allowed to fly domestic routes.

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