Valerie is a retired teacher who lives in Miami and provides math tutoring for extra cash. At a wage of $25 per hour, she is willing to tutor 4 hours per week. At $40 per hour, she is willing to tutor 10 hours per week. Using the midpoint method, the elasticity of Valerie's labor supply between the wages of $25 and $40 per hour is approximately ,which means that Valerie's supply of labor over this wage range is

Valerie is a retired teacher who lives in Miami and provides math tutoring for extra cash. At a wage of $25 per hour, she is willing to tutor 4 hours per week. At $40 per hour, she is willing to tutor 10 hours per week. Using the midpoint method, the elasticity of Valerie's labor supply between the wages of $25 and $40 per hour is approximately ,which means that Valerie's supply of labor over this wage range is

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter10: Cost Functions

Section: Chapter Questions

Problem 10.11P

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11. Calculating the price elasticity of supply Hubert is a retired teacher who lives in San Diego and teaches tennis lessons for extra cash. At a wage of $30 per hour, he is willing to teach 6 hours per week. At $50 per hour, he is willing to teach 16 hours per week. Using the midpoint method, the elasticity of Hubert’s labor supply between the wages of $30 and $50 per hour is approximately , which means that Hubert’s supply of labor over this wage range is .
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