5. Calculating the price elasticity of supply Jake is a retired teacher who lives in New...
5. Calculating the price elasticity of supply
Jake is a retired teacher who lives in New York City and does some consulting work for extra cash. At a wage of $50 per hour, he is willing to work 7 hours per week. At $65 per hour, he is willing to work 10 hours per week.
Using the midpoint method, the elasticity of Jake’s labor supply between the wages of $50 and $65 per hour is approximately ___ , which means that Jake’s supply of labor over this wage range is ___ .
Homework Answers
Midpoint elasticity = (Change in labor supplied / Average labor supplied) / (Change in wage rate / Average wage rate)
= [(10 - 7) / (10 + 7) / 2] / [$(65 - 50) / $(65 + 50) / 2]
= [3 / (17 / 2)] / [15 / (115 / 2)]
= (3 / 8.5) / (15 / 57.5)
= 1.35
Since elasticity is higher than 1, supply of labor is Elastic.
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