What Will the Elasticity of Resource Demand Be If Unit

question 156

Multiple Choice

What will the elasticity of resource demand be if unit wages rise by 5 percent and the number of employed workers falls by 12 percent?

• A) 0.42
• B) 1.60
• C) 2.40
• D) 6.00
• Elasticity of resource demand is the absolute value of the percentage change in quantity of workers divided by the percentage change in resource price.In this case,elasticity is |-0.12/0.05| = 2.40.

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