Homework Answers
Ans) Elasticity of labour supply = percentage change in quantity of labour supplied ÷ percentage change in wage rate
% change in wage rate = 20% (given)
Elasticity = 0.55 (given)
0.55 = percentage change in labour ÷ 20
Percentage change in labour = 0.55 ×20 = 11%
Percentage change in labour = [(final labour - initial labour)/initial labour]×100
11 = [(final labour - 1,000,000)/1,000,000]×100
Final labour hour = 1,110,000
Increase = 1,110,000 - 1,000,000 = 110,000hrs
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