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Suppose the wage for textile manufacturing workers rises from $9 to $11 per hour, and employment of textile manufacturing workers falls from 680 to 500
Suppose the wage for textile manufacturing workers rises from $9 to $11 per hour, and employment of textile manufacturing workers falls from 680 to 500 hours per week.
What is the own-wage elasticity of demand for textile manufacturing workers?
Note: round to two decimal points throughout your calculations.
Note: The text does not cover the midpoint method for calculating elasticities. If you've learned to calculate elasticities using the midpoint method in other classes please do not apply it here.
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