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iren [92.7K]
3 years ago
10

Ginny is a college student who lives in Detroit and provides math tutoring for extra cash. At a wage of $50 per hour, she is wil

ling to tutor 10 hours per week. At $65 per hour, she is willing to tutor 19 hours per week. Using the midpoint method, the elasticity of Ginny’s labor supply between the wages of $50 and $65 per hour is approximately , which means that Ginny’s supply of labor over this wage range is .
Business
1 answer:
weeeeeb [17]3 years ago
7 0

Answer:   Approximately 2.37

Elastic over this range  

Explanation: As we know that, as per the midpoint method elasticity of supply is calculated as :-

Elasticity\:=\:\frac{Q2-Q1}{P2-P1}\times \frac{P2+P1}{Q2+Q1}

where,

Q2 = 19

Q1 = 10

P2 = 65

P1 = 50

now, putting the values into equation we get :-

Elasticity\:=\:\frac{19-10}{65-50}\times \frac{65+50}{10+19}

= 2.37

So, we can say that over this range Ginny's supply is elastic .

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Answer:

a. People respond to incentives.

Explanation:

Assuming the state of Wyoming passes a law that increases the tax on cigarettes thereby causing smokers who live in Wyoming to start purchasing their cigarettes in surrounding states.

Consequently, an increase in the tax on cigarettes altered the behavior of the smokers in Wyoming, it made them to purchase from neighboring states.

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6 0
3 years ago
You buy an annuity which will pay you $12,000 a year for ten years. The payments are paid on the first day of each year. What is
Kruka [31]

Answer:

PV of annuity due = $90,182.8 (Approx.)

Explanation:

Given:

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PV of annuity due = 12,000 + 12,000[{1-(1+0.07)⁻⁽¹⁰⁻¹)/0.07]

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7 0
2 years ago
Jeremy is working on a spreadsheet. Which part of the information processing cycle will justify Jeremy's use of the spreadsheet
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3 years ago
Which statement is true? Portfolio A dominates portfolio B if: Portfolio A has a higher return that portfolio B Portfolio A has
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Answer:

The answer is "The last choice"

Explanation:

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The Deer Valley Farm (DVF) produces a natural organic fertilizer, which it sells mostly to gardeners and homeowners. The annual
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Answer:

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a) Data and Calculations:

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5 0
3 years ago
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