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Step2247 [10]
3 years ago
6

11. Calculating the price elasticity of supply Charles is a retired teacher who lives in New York City and provides math tutorin

g for extra cash. At a wage of $50 per hour, he is willing to tutor 10 hours per week. At $65 per hour, he is willing to tutor 19 hours per week. Using the midpoint method, the elasticity of Charles’s labor supply between the wages of $50 and $65 per hour is approximately , which means that Charles’s supply of labor over this wage range is .
Business
1 answer:
ozzi3 years ago
3 0

Answer:

Elascticity of supply is 2.38, which means that it is highly elastic.

Explanation:

At a wage rate of $50 per hour, Charles is willing to work 10 hours per week.

At a wage rate of $65 per hour, he is willing to work 19 hours per week.

Here,

P1 = $50, P2 = $65, Q1 = 10 hours, Q2=19 hours

Change in labor supply

= \frac{Q2\ -\ Q1}{\frac{Q1\ +\ Q2}{2} }

= \frac{19\ -\ 10}{\frac{10\ +\ 19}{2} }

= \frac{9}{14.5}

= 0.62

Change in labor price

=  \frac{P2\ -\ P1}{\frac{P1\ +\ P2}{2} }

= \frac{65\ -\ 50}{\frac{50\ +\ 65}{2} }

= \frac{15}{57.5}

= 0.26

Elasticity of supply

=\frac{Change in labor supply}{Change in labor price}

=\frac{0.62}{0.26}

=2.38

Elascticity of supply is 2.38, which means that it is highly elastic.

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