Calculate wage elasticity of labor when wage increases from 1000 to 2000 and labor quantity of supply increases from 50 to 80.

Booster class

Microeconomics

Skill

Explain Changes in Elasticity

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Paramjeet ChawlaLv8

29 Oct 2020

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Related questions

Question 1

If the wage elasticity of demand for professors is -0.5, then an increase in the wage of professors from $45,000 to $55,000 will cause the quantity demanded to fall by how many percentage?

Question 2

If the quantity of auto workers demanded decreases from 66000 to 54000 when the equilibrium wage increases from $12 per hour to $14 per hour, then the wage elasticity of demand for these workers is elastic or inelastic?

Question 3

if the absolute elasticity of labor demand is 2.0, then an eight percent increase in the wage will decrease employment by how many percentage?

A decrease in the wage rate:

a. shifts the supply curve of labor rightward.

b. increases the quantity supplied of labor.

c. shifts the supply curve of labor leftward.

d. decreases the quantity supplied of labor.