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Calculating the price elasticity of supply
Brian is a college student who lives in San Diego and does some consulting work for extra cash. At a wage of $25 per hour, he is willing to work 4 hours per week. At $40 per hour, he is willing to work 10 hours per week.
Using the midpoint method, the elasticity of Brian’s labor supply between the wages of $25 and $40 per hour is approximately (0.08 or .54 or 1.86 or 17.5) , which means that Brian’s supply of labor over this wage range is (elastic or inelastic).
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Maintenance expenses for a bridge on the Ohio river are estimated to be $20000 per year for the first 8 years, followed by two separate $100000 expenditures in years 12 and 18. The expected life of the bridge is 30 years. If i=6% per year, what is th..
Assume a market with many individuals who trade goods. The number of goods available for trade grows as time evolves. In the first period, there is only one good to trade, in the second period, two goods, and so on (obviously in the Nth period there ..
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