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The coefficient of wage elasticity of demand for an occupation is 1.5. If wages in this occupation increase by 6% can you predict the percentage
The coefficient of wage elasticity of demand for an occupation is 1.5. If wages in this occupation increase by 6% can you predict the percentage change in the quantity of workers demanded by firms in this industry? Calculate it and explain whether the demand for the workers in this occupation is elastic or inelastic
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