Midpoint method-elasticity of labor supply between wages

Assignment Help Business Economics

Reference no: EM13986850

Juanita is a college student who lives in Miami and provides math tutoring for extra cash. At a wage of $40 per hour, she is willing to tutor 7 hours per week. At $50 per hour, she is willing to tutor 10 hours per week. Using the midpoint method, the elasticity of Juanita's labor supply between the wages of $40 and $50 per hour is approximately , which means that Juanita's supply of labor over this wage range is .

Reference no: EM13986850

Questions Cloud

For euro-zone countries currently in crisis : In the paper by Paul Degrauwe, The Governance of a Fragile Eurozone, he argues that the fundamental problem causing the problem in the Euro-zone today is that countries cannot borrow in their own currencies. Explain what he means by this and what the..

The profit maximizing demand for labor and amount of output : Thoreau has preferences for consumption goods (C) and time spent on leisure (L). The utility function is u(C, L) = CL. The household also has a home production technology summarized by a production function. Now suppose that there is a competitive fi..

Review the case for analysis : Review the Case for Analysis: The Chairman's Quandary on page 361 in the textbook, Economics for Managers Summarize the recent policy of the Federal Reserve concerning the level of interest rates and the reasons for this policy. What problems can ari..

Explain how this change in exchange rate : Canada is the largest trading partner for the united states. in 2009 , united state exports to Canada were more than $171 billion and imports from Canada totaled more than $224 billiom. On January 1, 2009, the exchange rate between the Canadian dolla..

Midpoint method-elasticity of labor supply between wages : Juanita is a college student who lives in Miami and provides math tutoring for extra cash. At a wage of $40 per hour, she is willing to tutor 7 hours per week. At $50 per hour, she is willing to tutor 10 hours per week. Using the midpoint method, the..

CORN market as a result of the government mandate : Assume you are a farmer who grows corn and cotton. In the past, you have planted half of your land in corn and half in cotton. In recent years, the government has mandated that gasoline contain 10% ethanol (fuel made from corn). Which of the followin..

To combat the problem of adverse selection : To combat the problem of adverse selection, __________ informed parties can employ ___________ techniques.

Example of adverse selection : Which of the following is NOT an example of adverse selection

Price leadership-the firm that uses a price taker is : Firms have excess capacity in the long run under: The firm that uses a price taker is: In the long run, which type of firm may follow "price leadership"? Under perfect competition, in the long run, firms:

User Account

All Pages