The answer that you should get is D
Answer:
We can deduce that the elasticity of the labor supply is greater than 1 the labor supply is considered elastic
Step-by-step explanation:
The formula to use is the following:
Elasticity = (Change in working hours / Average working hours) / (Change in wage rate / Average wage rate)
we replace the data
Elasticity = [(7 - 3) / (7 + 3) / 2] / [(50 - 30) / (50 + 30) / 2]
Elasticity = [4 / (10/2)] / [20 / (80/2)]
Elasticity = (4/5) / (20/40)
Elasticity = 0.8 / 0.5
OUTCOME
Elasticity = 1.6
We can deduce that the elasticity of the labor supply is greater than 1 the labor supply is considered elastic
2. Put a sideways half line on the circle
1.Put a sideways full line on the circle
3.
i would suggest memorizing this
hence
