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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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On January 1, 2019, Metco Inc. reported 268,000 shares of $5 par value common stock as being issued and outstanding. On March 24
elena55 [62]

Answer:

The number of shares of stock issued in the stock dividend is 5,312.20 shares.

Explanation:

This can be determined as follows:

Number of shares before stock dividend = Number of shares reported on January 1, 2019 - Number of shares purchased for its treasury on March 24, 2019 + Number of treasury shares were sold on August 19, 2019 = 268,000 - 3,000 + 610 = 265,610

Number of dividend shares = Number of shares before stock dividend * Rate of stock dividend issued = 265,610 * 2% = 5,312.20

Therefore, the number of shares of stock issued in the stock dividend is 5,312.20 shares.

7 0
3 years ago
A subtle form of racial discrimination in housing is​ "racial steering." racial steering occurs when real estate agents show pro
Olenka [21]
B. H0 : There is no association between race and the section of the apartment complex.
 H A: There is an association between race and the section of the apartment complex.

Find the χ2 statistic
 Solution
The formula for calculating χ2 statistic is given by ;
χ2∗ =∑(Oi−Ei)2/Ei, where Oi and Ei is the i^th observation and the i^th expected count
From the given data calculated the expected count using the formula; E = (row total *column total)/sample size

χ2 = 7.104439336,
χ2 = 7.104 (rounded to 3 decimal .places)


The P-value is;
Degrees of freedom = (2-1)*(2-1) = 1, χ2 = 7.1044
P-value from chi-square calculator is 0.007689

3 0
3 years ago
Reinforay, an aircraft manufacturer, makes passenger, cargo, short-haul, and long-haul aircraft from the same design, with many
Tcecarenko [31]

Answer:

a. product platform

Explanation:

Product platform -

It refers the process of designing , where all the parts of the goods or services have some common element in common , is referred to as product platform .

The method is used to -

  • increases the process of developing new products ,
  • reduce the cost of development ,
  • a single element acts as a identification for the product .

Hence , from the given scenario of the question ,

The correct option is a. product platform .

4 0
3 years ago
The Atlantic Company sells a product for $150 per unit. The variable cost is $60 per unit, and fixed costs are $270,000. What is
avanturin [10]

Answer:

The break even units are 3000 units and when it desires the profit of $36000 then sales unit is 3400 units.

Explanation:

The selling price of a product (SP) = $150 per unit.

Variable cost (VC) = $60 per unit.

Fixed cost of the company = $270000

Break-even units can be calculated by dividing the fixed cost from the difference in selling price and variable cost.

Break even Units = (fixed cost) / ( SP – VC)

= 270000 / (150-60)

= 3000 units.

Break-even units when a company desires a profit of $36000.

Desired units for sales = (Fixed Cost + Profit)/ Contribution per unit

= (270,000 + 36,000) / (150 - 60)

= 3,400 units

7 0
3 years ago
Suppose your grandma sends you $100 for your birthday and you deposit $100 into your checking account at the local bank. The res
muminat

Answer:

$90; $900

Explanation:

Given that,

Amount of deposits = $100

Required reserve ratio = 10%

Required reserves:

= Amount of deposits × Required reserve ratio

= $100 × 10%

= $10

Excess reserves = Deposits - Required reserves

                           = $100 - $10

                           = $90

Money multiplier:

= 1/ Required reserve ratio

= 1/ 0.1

= 10

Money Supply:

= Amount of excess reserves used for lending × Money multiplier

= $90 × 10

= $900

The money supply could eventually grow by as much as $900.

3 0
3 years ago
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