11. Calculating the price elasticity of supply Jacques is a retired teacher who lives in Mississauga and teaches tennis lessons for extra cash. At a wage of $40 per hour, he is willing to teach 7" hours per week. At $50 per hour, he is willing to teach 10 hours per week. Using the midpoint method, the elasticity ofJacques's labour supply between the wages of $40 and $50 per hour is approximately V which means thatJacques's supply of labour over this wage range is V . 11. Calculating the price elasticity of supply Jacques is a retired teacher who lives in Mississauga and teaches tenl' - u for extra cash. At a wage of $40 per hour, he is willing to teach 7" hours per week. At $50 per hour, he is willing to teach 10 hours pe Usmg the midpomt method, the elasticity ofJacques's labour supply - - wages of $40 and $50 per hour Is approXImately V , which means that Jacques's supply of labour over this wage range is v . Attempts I I Aye rage ,l' 1 11. Calculating the price elasticity of supply Jacques is a retired teacher who lives in Mississauga and teaches tennis lessons for extra cash. At a wage of $40 per hour, he is w ?' hours per week. At $50 per hour, he is willing to teach 10 hours per week. Using the midpoint method, the elasticity of Jacques's labour supply between the wages of $40 and $50 per hour is approximately which means thatJacques's supply of labour over this wage range is v . Question 2: 12. The variety of supply curves The following graph displays four supply curves (HH, II, ]], and KK) that intersect at point A. (?) 400 380 320 280 240 200 H H PRICE (Dollars per unit) 180 120 40 40 120 160 200 240 280 320 380 400 QUANTITY (Units) Using the graph, complete the table that follows by indicating whether each statement is true or false. Statement True False Between points A and B, curve II is perfectly elastic. O O Curve JJ is less elastic between points A and D than curve KK is between points A and C. O O Between points A and D, curve ]] is elastic. O OQuestion 3: 10. Price elasticity of supply in the short run and long run The following graph shows the long-run supply curve for pears. Place the orange line (square symbol) on the graph to show the most likely short-run supply curve for pears. (Note: Place the points of the line either on H and K or on H and N.) 48 40 Short-Run Supply H. 32 Long-Run Supply 24 PRICE (Dollars per pound) 18 8 2 8 8 10 12 QUANTITY (Thousands of pounds of pears)10. Price elasticity of supply in the short run and long run The following graph shows the long-run supply curve for pears. Place the orange line (square symbol) on the graph to show the most likely short-run supply curve for pears. (Note: Place the points of the line either on H and K or on H and N.) 18 40 Short-Run Supply H 32 Long-Run Supply 24 PRICE (Dollars per pound 18 2 8 10 12 QUANTITY (Thousands of pounds of pears)