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The wage elasticity of labor supply can be calculated using the following approach
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- Deborah is a stay-at-home parent who lives in San Francisco and does some consulting work for extra cash. At a wage of $20 per hour, she is willing to work 2 hours per week. At $35 per hour, she is willing to work 11 hours per week.Using the midpoint method, calculate elasticity of Deborah's labor supply.The elasticity of labor supply among females is -0.12. The interpretation of this estimate is what?A firm would hire 22579 workers if the wage rate is $16 and would hire 17222 workers if the wage rate is $24. What is the firm's elasticity of labor demand? (please make sure your answer has the correct sign)
- A study of the effects of the minimum wage on employment of low-skilled workers estimated the price elasticity of demand for low-skilled workers is -0.75. Suppose that the government is considering raising the minimum wage from $7.25 per hour to $7.75 per hour. Based on this information, calculate the percentage change in the employment of low skilled workers. Use the midpoint formula?The wage elasticity of labor supply can be calculated using the following approach:Group of answer choices The labor force participation rate / the inflation rate % change in wage / % change in quantity of labor supplied % change in quantity of labor supplied / % change in wage % change in quantity of labor supplied / the savings rateCalculating the price elasticity of supply Andrew is a retired teacher who lives in San Diego and does some consulting work for extra cash. At a wage of $25 per hour, he is willing to work 6 hours per week. At $35 per hour, he is willing to work 16 hours per week. Using the midpoint method, the elasticity of Andrew’s labor supply between the wages of $25 and $35 per hour is approximately , which means that Andrew’s supply of labor over this wage range is .
- A professor in the school of business of economics carried out a research for Toyota Kenya and found the overall demand for its vehicles has an elasticity of demand of 1.3.What are some of the managerial decision-making function of the concept of elasticity of demand.A company has 350 employees who work 120 hours a month each. Each worker earns $21 per hour. There is a profitable project the company would like to start, but it would require an additional 21,000 working hours within three months to be completed, and all the employees are fully loaded with other projects. The company does not want to hire new staff; they would like the project to be completed by the current workforce instead.Given that the wage elasticity of labor supply is 0.8, calculate the hourly wage the company should offer its employees to encourage them to work on the new project. Use the midpoint method and round to two decimal places throughout your calculations.Derive the output elasticity of labour.
- A company has 700 employees who work 140 hours a month each. Each worker earns $37 per hour. There is a profitable project the company would like to start, but it would require an additional 42,000 working hours within three months to be completed, and all the employees are fully loaded with other projects. The company does not want to hire new staff; they would like the project to be completed by the current workforce instead. Given that the wage elasticity of labor supply is 0.65, calculate the hourly wage the company should offer its employees to encourage them to work on the new project.A country is about to let refugees in, but current residents are strongly against it. They are afraid that the wages of low-skilled workers will fall if there is an increase in the available workforce. It is estimated that the country can let in 35,00035,000 refugees, but only 60%60% of them are expected to look for a job. The wage elasticity of labor demand is −0.5−0.5. In the country’s labor market, there are 689,500689,500 low-skilled workers.Calculate the expected wage drop as a percentage, using the midpoint method. Enter your answer as a negative number in the box below and round to one decimal place throughout your calculations.If a 5% change in the wage is accompanied by a 7.5% change in the quantity of labor supplied, what is the absolute value of the elasticity of labor supply?
