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e-lub [12.9K]
2 years ago
11

The minimum wage is increased from $7.25 to $9.00 per hour. Calculate the elasticity of demand for fast food workers over the re

levant portion of the demand curve using the simple formula. Throughout your calculations round to two decimals.

Business
1 answer:
deff fn [24]2 years ago
4 0

Answer:

As the question was not complete. I have attached the complete question in the attachment. Please refer to attachment.

Explanation:

<em>By using, LD = 95- 3w and w1 = 7.25 and w2 = 9. We get, </em>

<em>LD1 = 95-3(7.25) = 73.25 </em>

<em>LD2 = 95-3(9) = 68 </em>

Elasticity = Change in labor demand/ change in wage rate = ((68- 73.25)/ 73.25)/ ((9-7.25/7.25)) = -0.33

The 11 percent change in the wage rate causes, 33% change in labor demanded, as shown by the elasticity, the labor demand decreases with increase in wage rate.

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3 years ago
A new manufacturing machine is expected to cost $278,000, have an eight-year life, and a $30,000 salvage value. The machine will
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