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angeljohnson2081
07.04.2020 •
Business
If the wage rate increases from $12 to $13 and, as a result, the quantity demanded of labor decreases from 400 workers to 380 workers, then the absolute value of the elasticity of demand for labor is
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Ответ:
-0.6 is The absolute value the elasticity of demand for labor.
Explanation:
The demand measure of Elasticity is refereed to the positive demand against the change in the product price. It shows how much the demand changes if the price of the particular item or product is altered .
From the question given, we recall the following,
The Change in Demand = ( D2 - D1 ) / D1
Change in Demand = ( 380 - 400 ) / 380
Change in Demand = -20 / 380
The change in demand becomes,
Change in Demand = -0.0526
The Change in price = ( P2 - P1 ) / P1
Change in price = ( $13 - $12 ) / $12
Change in price = $1 / $12
Change in price = 0.0833
The Formula for Elasticity in of demand is defined as,
The Elasticity of Demand = Change in Demand / Change in price
Elasticity of Demand = -0.0526 / 0.0833
Therefore,
Elasticity of Demand = -0.6315 = -0.6
Ответ:
Explanation:
The word "innovate" can be traced all the way back to 1440. It comes from the Middle French word "innovacyon," meaning "renewal" or "new way of doing things". Exactly what innovations actually happened in 1440 (rounder oxcart wheels?) is anybody's guess, but whatever they were, it's likely they improved the quality of life for more than a few people.
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