What will happen to wages of child-care workers as demand

Reference no: EM133659808

Problem: What is own price elasticity of demand and what are the factors that determine it? Explain why the price elasticity of demand is generally a negative number, except in the cases where the demand curve is perfectly elastic or perfectly inelastic. What would be implied by a positive price elasticity of demand? Explain why the sign (positive or negative) of the cross-price elasticity of demand is important. Economists Dale Heien and Cathy Roheim Wessells found that the price elasticity of demand for fresh milk is -0.63 and the price elasticity of demand for cottage cheese is -1.1 (Heien, D. M. and Wessels, C. R., 1998). Why do you think the elasticity estimates differ? Suppose the price elasticity of supply of tomatoes as measured on a given day in July is 0. Interpret this number. The price elasticity of supply for child-care workers was reported to be quite high, about 2. What will happen to the wages of child-care workers as demand for them increases, compared to what would happen if the measured price elasticity of supply were lower?

Reference no: EM133659808

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