Homework (Ch 05) - 11. Calculating the price elasticity of supply

Sam is a volunteer fire fighter living in New York City who works as a caddy to supplement their normal income. At an hourly wage rate of $40, they are willing to caddy 1 hours per week. Upping the wage to $65 per hour, they are willing to caddy 4 hours per week. Using the midpoint method, the elasticity of Sam's labor supply between the wages of $40 and $65 per hour is approximately , which means that Sam's supply of labor over this wage range isAttempts Keep the Highest / 1 0.16 11. Calculating the price elasticity of supply 0.4 Sam is a volunteer fire fighter living in New York City who works as a caddy to supplement their normal income. At an hourly 2.52 e of $40, they are willing to caddy 1 hours per week. Upping the wage to $65 per hour, they are willing to caddy 4 hours per week. 20.83 Using the midpoint method, the elasticity of Sam's labor supply between the wages of $40 and $65 per hour is approximately , which means that Sam's supply of labor over this wage range is