Suppose a wage increase from $12 to $16 an hour for Expedia call center reps increases...
Suppose a wage increase from $12 to $16 an hour for Expedia call center reps increases the number of daily job applicants from 42 to 58. What is the price elasticity of labor supply?
Instructions: Round your response to one decimal place. Use the midpoint formula.
Homework Answers
Answer
Elasticity of supply=(change in quantity/average
quantity)/(change in price/average price)
change in quantity=58-42=16
average quantity=(58+42)/2=50
change in price=16-12=4
average price=(16+12)/2=14
Elasticity of supply=(16/50)/(4/14)
=1.12
the elasticity is 1.12
the supply is elastic as the elasticity is above 1.
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