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In a country, the wage rate for males changed from $20 to $25 per hour and that for females increased from $17 to $22. After the change, it was observed that males have changed their work hours from 8hours per day to 6 hours and the females have changed their work hours from 5 hours to 9 hours. Based on this data, answer the following:
a. Calculate the elasticity of supply for males and females.
b. For EACH of the elasticities, explain whether the income effect or the substitution effect is stronger to explain the answers you have obtained in part a.
c. Explain if the answers obtained in part a are consistent with the data regarding LFPR of males and females in the Canadian work force.
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