Author Question: The labor force typically grows faster in developing countries than in industrial ones because ... (Read 260 times)

skymedlock · **on:** Jun 30, 2018

The labor force typically grows faster in developing countries than in industrial ones because mortality rates are higher in low-income countries.
a. True
b. False
Indicate whether the statement is true or false

Question 2

Calculate the elasticity of supply when an increase in demand causes the equilibrium price and quantity to change from 2.00 and 500 to 2.80 and 1,000, respectively.

Jadwiga9 · **Reply #1 on:** Jun 30, 2018

Answer to Question 1

False

Answer to Question 2

Elasticity of supply = Percentage change in quantity supplied/Percentage change in price. Using the average quantities and average prices to calculate elasticity, we obtain: an elasticity of 2.0.