Answer and Explanation:
The computation of the midpoint elasticity is as follows;
Midpoint elasticity
= (Change in labor supplied ÷ Average labor supplied) ÷ (Change in wage rate ÷ Average wage rate)
= [(8 - 4) ÷ (8 + 4) ÷ 2] ÷ [$($45 - $35) ÷ $($45 + $35) ÷ 2]
= [4 ÷ (12 ÷ 2)] / [$10 ÷ ($80 ÷ 2)]
= (4 ÷ 6) ÷ ($10 / $40)
= 0.67 ÷ 0.25
= 2.68
As the elasticity is more than 1 so the supply of labor should be elastic
Answer:she’s mean
Explanation:
Katie deleted my first answer
Opportunity cost is concept used in economics. It denotes the benefit of something that must be given up to acquire or achieve something else. Because of this opportunity cost is used in the decision-making process. The following best describes an opportunity cost: decision giving up an opportunity to do something else when making an . Correct answer: B
Answer:
B Marginal Revenue
Revenue is money earned from the production of goods and services.
