Marshall-Hicks laws of derived demand (1) The demand for a good is more elastic the more readily substitutes can be obtained (2) The more important the good, the more elastic the derived demand(Hicks addition- if substitutes are readily available) 3)The demand for an input is higher the more elastic is the supply of other inputs (4)The more elastic the demand for the final good-the more elastic is the demand for the inputMarshall-Hicks laws of Derived Demand (1) The demand for a good is more elastic the more readily substitutes can be obtained. (2) The more important the good, the more elastic the derived demand (Hicks’ addition– if substitutes are readily available). (3) The demand for an input is higher, the more elastic is the supply of other inputs. (4) The more elastic the demand for the final good– the more elastic is the demand for the input