Fill in the missing values in the table of data collected in the fictitious Labour Force Survey below.Show your work.
Definitions:
Price Floor
A price floor is a government- or group-imposed price control that prevents a price from falling below a certain level, ensuring producers receive a minimum payment for their goods or services.
Perfectly Elastic
A situation in demand or supply where the quantity demanded or supplied changes infinitely in response to any change in price.
Perfectly Inelastic
Describes a market scenario where the demand or supply for a product remains unchanged even when the price changes.
Elasticity
A measure of how much the quantity demanded or supplied of a good or service changes in response to a change in its price.
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