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When ASU increased its tuition from $200 per credit to $250 per credit the enrollment declined from 50,000 to 40,000. Explain if ASU education is elastic or inelastic.
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- When UVA decreased its tuition from $300 per credit to $250 per credit the enrollment increased from 20,000 to 30,000. Explain if UVA education is elastic or inelastic.When JMU decreased its tuition from $300 per credit to $250 per credit the enrollment increased from 20,000 to 30,000. Explain if JMU education is elastic or inelastic.When the wage was $10 per hour, a group of workers supplied 30 hours of work per week on average. The wage then increased to $15 per hour, and the same group of workers supplied 35 hours of work per week on average. What is the elasticity of labor supply for this group of workers?
- College tuition has been rising at a faster rate than average prices for decades. Assess how the characteristics of the market for higher education have affected tuition. Your essay should address all of the following: Do you believe that the price elasticity of demand for college is elastic or inelastic? Discuss the factors that support your position. Do you believe that the price elasticity of supply for college is elastic or inelastic? Discuss the factors that support your position. What has happened to the demand for college over the last 20 years? Explain what resulted in this change. Does your previous answer regarding the price elasticity of supply help explain why tuition has risen so quickly? Explain your reasoning. Per-student, real government funding of higher education is lower now than it was in 2000. How would this reduced funding affect the supply of higher education? Explain. Does your previous answer regarding the price elasticity of demand help explain why tuition…If a 5% change in the wage is accompanied by a 7.5% change in the quantity of labor supplied, what is the absolute value of the elasticity of labor supply?Explain why demand and elasticity is of interest to you and why organizations should also share this same concern. Your submission should also incorporate interaction with the economic profession. This could involve contacting the local chapter in your area or engaging the professional organizations via social media.
- Question 4 If wages increase at a 5% rate and the quantity demanded of labor decreases by 10%, then the elasticity of demand for labor is: 50. 0.5. 2. 10.QUESTION 5 When the wage was $15 per hour, a group of workers supplied 52 hours of work per week on average. The wage then increased to $25 per hour, and the same group of workers supplied 61 hours of work per week on average. What is the elasticity of labor supply for this group of workers? (please calculcate to 2 decimal places, make sure that you keep the sign correct)Suppose that Santa Fe County, New Mexico officials propose establishing a county "living" wage of $15.00 per hour that all employers must pay. Suppose that the equilibrium in the Santa Fe County labor market for unskilled labor is $9.00 per hour with employment of 12,000. Assuming that the elasticity of demand for unskilled labor in Santa Fe County is 1.25, what is the expected reduction in employment if the higher minimum were established? (Use elasticity calculations assuming the competitive equilibrium as the base point.) (continuation of above) Suppose that the elasticity of supply to this labor market is 1.25. Find the change in supplier surplus that would occur if the higher minimum wage were enacted ***Need the bottom answer, can't figure out how to solve for it****
- If the demand for unskilled labor were inelastic, would the proposed increase in the minimum wage raise or lower total wage payments to unskilled workers? Would your answer change if the demand for unskilled labor were elastic? (100 – 150 words )A study of the effects of the minimum wage on employment of low-skilled workers estimated the price elasticity of demand for low-skilled workers is -0.75. Suppose that the government is considering raising the minimum wage from $7.25 per hour to $7.75 per hour. Based on this information, calculate the percentage change in the employment of low skilled workers. Use the midpoint formula?A firm would hire 22579 workers if the wage rate is $16 and would hire 17222 workers if the wage rate is $24. What is the firm's elasticity of labor demand? (please make sure your answer has the correct sign)