At a Price of $5/hour,Bob Wants to Hire Three Workers

question 143

Multiple Choice

At a price of $5/hour,Bob wants to hire three workers.When the price rises to $7/hour,Bob wants to hire only two workers.Bob's price elasticity of demand for workers is:

• A) -0.83.
• B) -1.20.
• C) -0.33.
• D) -0.40.
• E) -0.10.

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Definitions:

Agricultural Application

The use of various techniques, tools, and materials in farming and crop production to increase efficiency and productivity.

Glyphosate

A broad-spectrum systemic herbicide used to kill weeds, especially annual broadleaf weeds and grasses that compete with crops.

DNA Cloning

Set of methods that uses living cells to mass-produce targeted DNA fragments.

Medical Application

The use or implementation of medical knowledge and techniques to treat diseases or maintain health.