In a Recession,there Are Many Unemployed Workers

question 155

Essay

In a recession,there are many unemployed workers.Employers find that when the price of labor is $9.00,the quantity supplied is 200 workers.When they lower the wage to $8.50,175 workers are willing to work.
a.Calculate the price elasticity of supply for workers.
b.Over time,technology becomes more effective as a substitute for workers.What happens to the firm's demand for workers? Explain.

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Definitions:

Determined

Having a firm decision or being resolved in the pursuit of a goal, not wavering in determination.

Independent Variable

The variable in an experiment that is manipulated or changed by the researcher to observe its effects.

Flossing Frequency

The recommended regularity of cleaning between teeth with dental floss to prevent gum disease and dental decay.

Gum Disease

A set of inflammatory conditions affecting the tissues surrounding the teeth, which can lead to redness, swelling, and in severe cases, tooth loss; also known as periodontal disease.