aolo is a stav-at-home parent who lives in Philadelphia and provides math tutoring for extra cash. At a wage of $25 per hour, he is willing to tutor 6 hours per week. At $35 per hour, he is willing to tutor 16 hours per week. Using the midpoint method, the elasticity of Paolo's labor supply between the wages of $25 and $35 per hour is approximately _____, which means that Paolo's supply of labor over this wage range is _____. Part 1: 0.03, 0.37, 2.73, or 11 Part 2: elastic or inelastic
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Elasticity of supply is a measure of the responsiveness of the quantity supplied of a good or service to changes in its price, ceteris paribus. It is calculated as the percentage change in quantity supplied that is divided by the percentage change in price.
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- Paolo is a college student who lives in Chicago and provides math tutoring for extra cash. At a wage of $50 per hour, he is willing to tutor 7 hours per week. At $65 per hour, he is willing to tutor 10 hours per week. Using the midpoint method, the elasticity of Paolo’s labor supply between the wages of $50 and $65 per hour is approximately ........................(0.09/0.74/1.35/42.5), which means that Paolo’s supply of labor over this wage range is ..........................(elastic/inelastic).Calculating the price elasticity of supply Van is a stay-at-home parent who lives in Chicago and provides math tutoring for extra cash. At a wage of $30 per hour, he is willing to tutor 6 hours per week. At $50 per hour, he is willing to tutor 16 hours per week. Using the midpoint method, the elasticity of Van’s labor supply between the wages of $30 and $50 per hour is approximately (0.05 / 0.55 / 1.82 / 22), which means that Van’s supply of labor over this wage range is ( elastic / inelastic).Van is a stay-at-home parent who lives in Philadelphia and provides math tutoring for extra cash. At a wage of $50 per hour, he is willing to tutor 10 hours per week. At $65 per hour, he is willing to tutor 19 hours per week. Using the midpoint method, the elasticity of Van's labor supply between the wages of $50 and $65 per hour is approximately means that Van's supply of labor over this wage range is , which
- Alyssa is a university student who lives in Vancouver and does some consulting work for extra cash. At a wage of $40 per hour, she is willing to work 7 hours per week. At $50 per hour, she is willing to work 10 hours per week. Using the midpoint method, the elasticity of Alyssa's labour supply between the wages of $40 and $50 per hour is approximately which means that Alyssa's supply of labour within this wage range isI1. Caleulating the price elasticity of supply Valerie is a retired teacher who lives in Miami and provides math tutoring for extra cash. At a wage of $25 per hour, she is willing to tutor 4 hours per week. At $40 per hour, she is willing to tutor 10 hours per week. Using the midpoint method, the elasticity of Valerie's labor supply between the wages of $25 and $40 per hour is approximately which means that Valerie's supply of labor over this wage range isYakov is a stay-at-home parent who lives in Houston and teaches tennis lessons for extra cash. At a wage of $30 per hour, he is willing to teach 6 hours per week. At $50 per hour, he is willing to teach 16 hours per week. Using the midpoint method, the elasticity of Yakov’s labor supply between the wages of $30 and $50 per hour is approximately _______ , which means that Yakov’s supply of labor over this wage range is _____ .
- Eric is a stay-at-home parent who lives in New York City and provides math tutoring for extra cash. At a wage of $50 per hour, he is willing to tutor 2 hours per week. At $75 per hour, he is willing to tutor 6 hours per week. Using the midpoint method, the elasticity of Eric’s labor supply between the wages of $50 and $75 per hour is approximately , which means that Eric’s supply of labor over this wage range is .11. Calculating the price elasticity of supply Dina is a stay-at-home parent who lives in Denver and does some consulting work for extra cash. At a wage of $25 per hour, she is willing to work 6 hours per week. At $35 per hour, she is willing to work 16 hours per week. Using the midpoint method, the elasticity of Dina's labor supply between the wages of $25 and $35 per hour is approximately that Dina's supply of labor over this wage range is which meansCalculating the price elasticity of supply Andrew is a retired teacher who lives in San Diego and does some consulting work for extra cash. At a wage of $25 per hour, he is willing to work 6 hours per week. At $35 per hour, he is willing to work 16 hours per week. Using the midpoint method, the elasticity of Andrew’s labor supply between the wages of $25 and $35 per hour is approximately , which means that Andrew’s supply of labor over this wage range is .
- 11. Calculating the price elasticity of supply Deborah is a stay-at-home parent who lives in Miami and provides math tutoring for extra cash. At a wage of $50 per hour, she is willing to tutor 7 hours per week. At $65 per hour, she is willing to tutor 10 hours per week. , which means Using the midpoint method, the elasticity of Deborah's labor supply between the wages of $50 and $65 per hour is approximately that Deborah's supply of labor over this wage range isBecky is a stay-at-home parent who lives in Miami and teaches tennis lessons for extra cash. At a wage of $35 per hour, she is willing to teach 8 hours per week. At $40 per hour, she is willing to teach 14 hours per week. Using the midpoint method, the elasticity of Becky’s labor supply between the wages of $35 and $40 per hour is approximately , which means that Becky’s supply of labor over this wage range is .A company has 350 employees who work 120 hours a month each. Each worker earns $21 per hour. There is a profitable project the company would like to start, but it would require an additional 21,000 working hours within three months to be completed, and all the employees are fully loaded with other projects. The company does not want to hire new staff; they would like the project to be completed by the current workforce instead.Given that the wage elasticity of labor supply is 0.8, calculate the hourly wage the company should offer its employees to encourage them to work on the new project. Use the midpoint method and round to two decimal places throughout your calculations.