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Price elasticity of demand is defined by Change in Quantity demanded / Change in Price.
Tom ordered 10 gallons of gas without asking about the price. This means that no matter the price, Tom orders the same quantity of gas (quantity demanded does not change with price). His demand is perfectly inelastic, or 0.
Jerry orders $10 worth of gas. This means that no matter how much it gives him, Jerry will pay $10. The price elasticity of demand depends on how much the price changes by.
For example, if price doubles from $5/gal to $10/gal, demand falls by 50% (2 gallons to 1 gallon), making his price elasticity -0.5
If the price increase 10% from $10/gal to $10.10/gal, demand falls 1% from 1 gal to .99 gallons, making his price elasticity -0.1
Answer:
a) Y = 500
b) Wages: 2.5
Rental price: 2.5
c) labor Share of output: 0.370511713 = 37.05%
Explanation:

if K = 100 and L = 100


Y = 500
wages: marginal product of labor = value of an extra unit of labor
dY/dL (slope of the income function considering K constant while L variable)





With K = 100 and L = 100

Y' = 2.5
rental: marginal product of land = value of an extra unit of land
dY/dK (slope of the income function considering K variable while L constant)



L = 100 K = 100

Y' = 2.5
c) we use logarithmic properties:



50 was the land while 10 the labor
2.698970004 = 1.698970004 + 1
share of output to labor: 1/2.698970004 = 0.370511713
Answer:
what? I need points tho thanks
29,208 I used a tax calculator