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

question 67

Multiple Choice

At a price of $5/hour,Karina wants to hire three workers.When the price rises to $7/hour,she wants to hire only two workers.Karina'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:

Behavioral Considerations

The impact of human behavior and psychology on decision-making processes within an organization or in economic models.

Substantive Considerations

Factors or issues that are central and essential to the matter at hand, requiring careful analysis and decision-making.

Servicing Model

A union representation model where the focus is on providing services to members, such as legal advice and representation, rather than on mobilizing workers or political action.

Representation

The action of speaking or acting on behalf of someone or the state of being represented.