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Find the own-wage elasticity of labor demand

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Reference no: EM132789978

Consider the labor demand curve given by: L = 100/W.

For small changes in the wage around any given point on the curve, the slope of the curve is given by:

ΔL/ΔW = -100/W2.

Find the own-wage elasticity of labor demand for a small change in the wage around $5. Do the same for a small change in the wage around $10. How does the elasticity change as one moves up this labor demand curve?

Reference no: EM132789978

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