ECO - Is the long-run demand for a factor more, or less, elastic than its short-run demand?

Be sure to explain what you are doing and show your work in the numerical problems, and provide a brief but complete answer to the discussion questions. Each part of a problem is weighted equally. Be sure to express the appropriate units for your answers. You should draw graphs for each problem to help guide your analysis.

Is the long-run demand for a factor more, or less, elastic than its short-run demand? Explain why, and illustrate graphically.