Multiple Choice
The price elasticity of the supply of teenage labour services is approximately 1.36.Suppose the government of Prince Edward Island raises the minimum wage rises from $10.00 per hour to $10.25.Using the midpoint formula, calculate the approximate change in the quantity supplied of teenage labour.
A) 17.3 percent
B) 24.4 percent
C) 3) 4 percent
D) There is insufficient information to answer the question.
Correct Answer:
Verified
Correct Answer:
Verified
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