If the wage elasticity of demand for professors is -0.5, the

If the wage elasticity of demand for professors is -0.5, the

If the wage elasticity of demand for professors is -0.5, then an increase in the wage of… Show more Question 1 If the wage elasticity of demand for professors is -0.5, then an increase in the wage of professors from $45,000 to $55,000 will cause the quantity demanded to fall by how many percentage? Question 2 If the quantity of auto workers demanded decreases from 66000 to 54000 when the equilibrium wage increases from $12 per hour to $14 per hour, then the wage elasticity of demand for these workers is elastic or inelastic? Question 3 if the absolute elasticity of labor demand is 2.0, then an eight percent increase in the wage will decrease employment by how many percentage? • Show less

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