The Price Elasticity of the Supply of Teenage Labor Services

question 268

Multiple Choice

The price elasticity of the supply of teenage labor services is approximately 1.36.Suppose the minimum wage rises from $7.25 per hour to $8.75.Using the midpoint formula, what is the approximate change in the quantity of teenage labor supplied?

• A)7.3 percent
• B)14.4 percent
• C)25.5 percent
• D)There is insufficient information to answer the question.

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The total volume of fresh water used to produce goods or services by a company, individual, or nation.

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The form of energy that is transferred between systems or objects with different temperatures, also known as thermal energy.

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