Help please
Question 1
Caroline is a college student who lives in Detroit and does some consulting work for extra cash. At a wage of $25 per hour, she is willing to work 4 hours per week. At $40 per hour, she is willing to work 10 hours per week.
Using the midpoint method, the elasticity of Caroline's labor supply between the wages of $25 and $40 per hour is approximately (0.08,0.54,1.86,17.5) , which means that Caroline's supply of labor over this wage range is (elastic,inelastic)
Question 2
180- Supply PRICE (Dollars per unit) 90 QUANTITY (Units) For each of the regions, use the midpoint method to identify whether the supply of this good is elastic or inelastic. Region Elastic Inelastic Between Y and Z O Between W and X O True or False: For high levels of quantity supplied where firms have reached near maximum capacity, supply becomes less elastic because firms may need to invest in additional capital in order to further increase production. True False200 180 K 160 140 B 120 100 H H PRICE (Dollars per unit) 80 60 40 20 0 20 60 80 100 120 140 160 180 200 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 inelastic. O O Curve KK is less elastic between points A and C than curve ]] is between points A and D. O O Between points A and C, curve KK is elastic. O OConsider the market for apples. The following graph shows the weekly demand for apples and the weekly supply of apples. Suppose a blight occurs that destroys a significant portion of apple crops. Show the effect this shock has on the market for apples by shifting the demand curve, supply curve, or both. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther. O Supply Demand 16 12 Supply PRICE (Dollars per bushel) Demand 2 6 B 10 QUANTITY (Millions of bushels)One of the growers is excited by the price increase caused by the blight because she believes it will Increase revenue in this market. As an economics student, you can use elasticities to determine whether this change in price will lead to an increase or decrease in total revenue In this market. Using the midpoint method, the price elasticity of demand for apples between the prices of $10 and $12 per bushel is , which means demand is between these two points. Therefore, you would tell the grower that her claim is 7, because total revenue will as a result of the blight. Confirm your previous conclusion by calculating total revenue in the apple market before and after the blight. Enter these values in the following table. Before Blight After Blight Total Revenue ( Millions of Dollars)11. Calculating the price elasticity of supply Sean is a college student who lives in Philadelphia and provides math tutoring for extra cash. At a wage of $25 per hour, he is willing to tutor 6 hours per week. At $35 per hour, he is willing to tutor 16 hours per week. Using the midpoint method, the elasticity of Sean's labor supply between the wages of $25 and $35 per hour is approximately , which means that Sean's supply of labor over this wage range is
