1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
tankabanditka [31]
3 years ago
15

Hilary is a retired teacher who lives in Miami and does some consulting work for extra cash. At a wage of $50 per hour, she is w

illing to work 10 hours per week. At $65 per hour, she is willing to work 19 hours per week.
Using the midpoint method, the elasticity of Hilary’s labor supply between the wages of $50 and $65 per hour is approximately ___ , which means that Hilary’s supply of labor over this wage range is ___ .
Business
1 answer:
Basile [38]3 years ago
5 0

Answer:

Hilary is a retired teacher who lives in Miami and does some consulting work for extra cash. At a wage of $50 per hour, she is willing to work 10 hours per week. At $65 per hour, she is willing to work 19 hours per week.

Using the midpoint method, the elasticity of Hilary’s labor supply between the wages of $50 and $65 per hour is approximately 2.37 , which means that Hilary’s supply of labor over this wage range is elastic.

Explanation:

Midpoint elasticity = (Change in labor supplied / Average labor supplied) / (Change in wage rate / Average wage rate)

= [(19 - 10) / (19 + 10) / 2] / [$(65 - 50) / $(65 + 50) / 2]

= [9 / (29 / 2)] / [15 / (115 / 2)]

= (9 / 14.5) / (15 / 57.5)

= 0.62/0.26

Midpoint elasticity = 2.37

Once elasticity is greater than 1, supply of labor is Elastic.

You might be interested in
When total production is greater than total expenditures, __________ is produced than households want to buy, which leads to ___
Tom [10]
If the total production exceeds the total expenditures this means that there are more goods are produced than the demand of each households. Thus, this will lead to an increase of inventory. Then this will signal the manufacturing firm that they have overproduced the goods which will lead to cut back the production. This leads to lesser prices and/or unsold goods alongside with the likelihood of unemployment. Therefore the answer is d.
6 0
3 years ago
a 17-year annuity pays $1,100 per month, and payments are made at the end of each month. The interest rate is 16 percent compoun
zzz [600]

Answer:

The present value of the annuity is $73,091.50

Explanation:

Use the following formula to calculate the present value of the annuity

Present value of annuity = ( Annuity Payment x Annuity factor for first 6 years ) + [ ( Annuity Payment x Annuity factor for after 6 years ) x Present value factor  for 6 years ]

Where

Annuity Payment = $1,000

Annuity factor for first 6 years = 1 - ( 1 + 16%/12 )^-(6x12) / 16%/12 = 46.10028344

Annuity factor for after 6 years = 1 - ( 1 + 13%/12 )^-((17-6)x12) / 13%/12 = 70.0471029820

Present value factor for 6 years = ( 1 + 16%/12)^-(6x12) = 0.385329554163

Placing values in the formula

Present value of annuity = ( $1,000 x 46.10028344 ) + [ ( $1,000 x 70.0471029820 ) x 0.385329554163 ]

Present value of annuity = $46,100.28 + $26,991.22

Present value of annuity = $73,091.50

4 0
2 years ago
Red and White Company reported the following monthly data: Units produced 2,400 units Sales price $ 29 per unit Direct materials
saveliy_v [14]
Lolhtdcc dad ytt try to tu to tho go in rn go go
4 0
3 years ago
Select the correct answer.
TEA [102]
I would say C is the answer bc that’s would i would do in that situation.
7 0
2 years ago
Determine whether an observational or experimental study is appropriate to address the following statement.
VARVARA [1.3K]

Answer:

Observational study

Explanation:

The appropriate study for a gas station owner who wants to find out whether customers are satisfied with the service they receive or not is "Observational Study."

Given that the Observational study is a type of research study or scientific investigation in which the researcher observes the effect of an action or activities such as risk factors, or outcomes without a direct impact on the intervention from the researcher.

In this case, the satisfaction of customers concerning the services they receive can only be observed by the researcher without influencing the services or how the customers perceived their level of satisfaction.

4 0
2 years ago
Other questions:
  • The publisher of an economics textbook finds that, when the book's price is lowered from $70 to $60, sales rise from 10,000 to 1
    10·1 answer
  • A[n] ___________ is a promise or set of promises for the breach of which the law gives a remedy or the performance of which the
    11·1 answer
  • Use the following scenario to answer the following questions: Suppose that Canada, an industrialized nation, and Mexico, a devel
    13·1 answer
  • 1.How does inertia affect a person who is not wearing a seatbelt during a collision?
    15·2 answers
  • The Balance Sheet reports assets, liabilities, and stockholders' equity at a specific date. A : True B : False
    10·1 answer
  • When she was in college, Kiersten Walburg wrote a case study on Grokster, an online peer-to-peer (P2P) file-sharing network, and
    9·1 answer
  • What is the internal rate of return of a project costing $3,000; having after-tax cash flows of $1,500 in each of the two years
    12·1 answer
  • Use the following Year 3 data: Other Selling and Administrative Expenses $ 1,052,000 Other Expenses 249,300 Sales Revenue 4,887,
    11·1 answer
  • If the MPC is 0.75 and there are no crowding-out or accelerator effects, then an initial increase in aggregate demand of $100 bi
    15·1 answer
  • Match each type of insurance with an example of when the insurance
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!