The labor force typically grows faster in developing countries ...

[skymedlock]

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]

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]

Thanks for the timely response, appreciate it

[jordangronback]

Gracias!