Eric is a stay-at-home parent who lives in New York City and provides math tutoring for extra cash. At a wage of $50 per hour, he is willing to tutor 2 hours per week. At $75 per hour, he is willing to tutor 6 hours per week. Using the midpoint
Eric is a stay-at-home parent who lives in New York City and provides math tutoring for extra cash. At a wage of $50 per hour, he is willing to tutor 2 hours per week. At $75 per hour, he is willing to tutor 6 hours per week. Using the midpoint
Chapter5: Price Elasticity Of Demand And Supply
Section: Chapter Questions
Problem 18SQ
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Eric is a stay-at-home parent who lives in New York City and provides math tutoring for extra cash. At a wage of $50 per hour, he is willing to tutor 2 hours per week. At $75 per hour, he is willing to tutor 6 hours per week.
Using the midpoint method, the elasticity of Eric’s labor supply between the wages of $50 and $75 per hour is approximately , which means that Eric’s supply of labor over this wage range is .
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Step 1
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Calculate :
1) Elasticity of Eric’s labor supply between the wages of $50 and $75 per hour is approximately = ?
2) Eric’s supply of labor over this wage range
= ?
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