Answer:
We can deduce that the elasticity of the labor supply is greater than 1 the labor supply is considered elastic
Step-by-step explanation:
The formula to use is the following:
Elasticity = (Change in working hours / Average working hours) / (Change in wage rate / Average wage rate)
we replace the data
Elasticity = [(7 - 3) / (7 + 3) / 2] / [(50 - 30) / (50 + 30) / 2]
Elasticity = [4 / (10/2)] / [20 / (80/2)]
Elasticity = (4/5) / (20/40)
Elasticity = 0.8 / 0.5
OUTCOME
Elasticity = 1.6
We can deduce that the elasticity of the labor supply is greater than 1 the labor supply is considered elastic
Answer:
The answer is 33.6
Step-by-step explanation:
hope that helps
Just multiply 80 and 0.42 then you will get the answer.
-2 = -2 because of the slope
3/4*1/4= 3/16 or 0.1875 (you times 3 by 1 and 4 by 4)
3/4*8= 6
first bracket = 3/16+ 6
1/2+2= 2 1/2 or 2.5
second bracket = -2.5
-3/8*4= -1.5
-3/8*x= -3/8x or -0.375x
third bracket= -0.375x
so
(0.1875+6) - (2.5) - (0.375x) - (0.25x)
collect like terms
6.2 - 2.5 = 3.7
0.375x - 0.25x = 0.125x
3.7-0.125x is your answer in decimal form
(3/16+6/1) - (2 1/2) - (3/8x-1/4x)
(6 3/16 - 2 1/2 )
(3 11/16)
3/8x-1/4x= 1/8x
final answer = 3 11/16 - 1/8x
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When a point lies on the x-axis, y = 0, the coordinates are ( x , 0 ).
When a point lies on the y-axis, x = 0, the coordinates are ( 0, y ).
