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Calculate the own-wage elasticity of demand

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    Assignment Help >> Business Economics

    Calculate the own-wage elasticity of demand for occupations a, b, and c below. ED and W are the original employment and wage. E’D and W’ are the new employment and wage. State whether the demand is elastic, inelastic, or unitary elastic.

    a. %ΔED = 5, %ΔW = -10

    b. ED = 50, W = 7

    E’D = 40, W’ = 8

    c. ED = 80, W = 8

    E’D = 100, W’ = 6

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