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Elasticity of demand for an occupation

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A) List and describe three factors that have an impact in determining the wage 3 Marks elasticity of demand for an occupation.

B) A hospital increases the pay rate of doctors by 20%. Result: The hospital experiences only a 5% increase in the number of hours worked by doctors on average. A fast-food restaurant increases wages by 5% they find the average worker is prepared to work 20% more hours. Explain which occupation has an elastic supply, and which has an inelastic supply.

Reference no: EM133066342

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