Meaning of accounting
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<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.
