What is the own-wage elasticity of demand for graphic artist

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Reference no: EM133401500

Question: Suppose that the demand for graphic artists is LD = 5,000 - 20W, where L = the number of graphic artists and W = the daily wage.

a. What is the own-wage elasticity of demand for graphic artists when W = Php1,000 per day? Is the demand curve elastic or inelastic at this point?
b. What is the own-wage elasticity of demand for graphic artists when W = Php2,000 per day? Is the demand curve elastic or inelastic at this point?

Reference no: EM133401500

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