27. At a wage of $25 per hour, the firm employs 50,000 hours of labor per week. If the wage would increase to $27 per hour, the firm would employ 45,000 hours of labor per week. What is the elasticity of labor demand? A. -2.50 B. -1.50 C. -1.25 D. -0.50 E. -0.25 28. The standard cobweb model makes two assumptions. What are they? a. Workers are forward-looking, and job adjustments take time. b. Workers are myopic, and job adjustments take time. c. Workers are forward-looking, and job adjustments are instantaneous. d. Workers are myopic, and job adjustments are instantaneous. e. Workers are myopic, and retraining of one's skills happens instantaneously