Some first year ,microeconomic questions that I need help on PLZZZZ (1 Viewer)

sghguos

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This is from a quizz that ive submitted already but i'm confused if i got it right.


If the demand for milk is given by Qd = 100-P, using the midpoint formula, what is the absolute value of the own price elasticity of demand between prices 25 and 35?

Answer 0.43

0.50

1

2.33

None of the above




Assume that the demand for labour is given by the Ld= 2000 – 2w and the supply of labour is given by Ls = 8w, where w is the wage rate and Ls and Ld refer to labour supply and demand respectively. Assume that the government imposes a minimum wage equal to 180. As a result we would expect to observe:
Answer A surplus of 1440
A shortage of 1640
A shortage of 200
A surplus of 200
None of the above
 

KidDang

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Q1. -1/28 divide 1/12 = 0.43

Q2. shortage of 200
 

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