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2. (Labor market equilibrium). [40 points] Derived from Borjas, exercise 4-6. Aggregate labor demand equals ED = 100050w. Aggregate labor supply is given by ES

2. (Labor market equilibrium). [40 points] Derived from Borjas, exercise 4-6. Aggregate labor demand equals ED = 100050w. Aggregate labor supply is given by ES = 100w800. (a) (5 points). Calculate the elasticity of labor demand when w changes from w = 10 to w = 14. (b) (2.5 points). Calculate the elasticity of labor demand when w changes from w = 14 to w = 16

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