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October 22, 2014

Homework Help: Economics/Calculus

Posted by Jon on Monday, September 21, 2009 at 10:24pm.

Asher is a stay at home dad who provides math tutoring for extra cash. At a wage of $30 per hour, he is willing to tutor 5 hours per week. At $45 per hour, he is willing to tutor 6 hours per week. Using the midpoint method, the elasticity of Asher’s labor supply between the wages of $30 and $45 per hour is approximately ( .5, 1, 2.2, .45), which means that Asher’s supply of labor over this wage range is (elastic, unit elastic, inelastic).

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