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Author Question: The labor force typically grows faster in developing countries than in industrial ones because ... (Read 86 times)

skymedlock

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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.


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Jadwiga9

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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.


skymedlock

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Reply 2 on: Jun 30, 2018
Thanks for the timely response, appreciate it

LVPMS

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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