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
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