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Sam is a retired teacher who lives in New York City and teaches tennis lessons for extra cash At a wage of $35 per hour he is willing to teach 10 hours per week At $60 per hour he is willing to

Sam is a retired teacher who lives in New York City and teaches tennis lessons for extra cash. At a wage of $35 per hour, he is willing to teach 10 hours per week. At $60 per hour, he is willing to teach 19 hours per week. Using the midpoint method, the elasticity of Sam’s labor supply between the wages of $35 and $60 per hour is approximately _______(.06,.85,1.18,40.28) , which means that Sam’s supply of labor over this wage range is ________(elastic,inelastic) .

May 15 2020 View more View Less

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