aolo is a stav-at-home parent who lives in Philadelphia and provides math tutoring for extra cash. At a wage of $25 per hour, he is willing to tutor 6 hours per week. At $35 per hour, he is willing to tutor 16 hours per week. Using the midpoint method, the elasticity of Paolo's labor supply between the wages of $25 and $35 per hour is approximately _____, which means that Paolo's supply of labor over this wage range is _____. Part 1: 0.03, 0.37, 2.73, or 11 Part 2: elastic or inelastic

aolo is a stav-at-home parent who lives in Philadelphia and provides math tutoring for extra cash. At a wage of $25 per hour, he is willing to tutor 6 hours per week. At $35 per hour, he is willing to tutor 16 hours per week. Using the midpoint method, the elasticity of Paolo's labor supply between the wages of $25 and $35 per hour is approximately _, which means that Paolo's supply of labor over this wage range is _. Part 1: 0.03, 0.37, 2.73, or 11 Part 2: elastic or inelastic

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter16: Labor Markets

Section: Chapter Questions

Problem 16.4P

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