The elasticity of demand for employees is -0.50. It is also estimated that the existing minimum wage (price floor) has increased the raise the wage by 25 above equilibrium wage. How much would the employment change if the price floor was eliminated?
A) Employment would decrease by 12.5.
B) Employment would increase by 12.5.
C) Employment would decrease by 25.
D) Employment would increase by 25.
Question 2
If the cross price elasticity of two goods is -3.5, then
A) these two products are relatively elastic substitutes.
B) these two products are relatively inelastic substitutes.
C) these two products are relatively elastic complements.
D) these two products are relatively inelastic complements.
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