The price elasticity of the supply of teenage labor services is approximately 1.36. Suppose the minimum wage rises from $7.25 per hour to $8.75. Using the midpoint formula, what is the approximate change in the quantity of teenage labor supplied?

A) 7.3 percent
B) 14.4 percent
C) 25.5 percent
D) There is insufficient information to answer the question.

C

Economics

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Refer to the table above. Which of the following statements is true?

A) There is a surplus of 10 notebooks in the market when the price of one notebook is $8. B) There is a shortage of 4 notebooks in the market when the price of one notebook is $6. C) There is a shortage of 12 notebooks in the market when the price of one notebook is $4. D) There is a surplus of 4 notebooks in the market when the price of one notebook is $5.

Economics

Corn is used to produce tortillas. If the price of corn increases

A) the demand for tortillas decreases. B) the supply of tortillas increases. C) the supply of tortillas decreases. D) the demand for tortillas increases.

Economics