Multiple Choice
The price elasticity of the supply of teenage labour services is approximately 1.36.Suppose the minimum wage rises from $7.25 per hour to $8.75.Using the midpoint formula, calculate the approximate change in the quantity supplied of teenage labour.
A) 7) 3 per cent
B) 14.4 per cent
C) 25.5 per cent
D) There is insufficient information to answer the question.
Correct Answer:
Verified
Correct Answer:
Verified
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