uston 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 t
uston 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 t
Chapter10: Cost Functions
Section: Chapter Questions
Problem 10.10P
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Yakov 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 _____ .
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