11. calculating the price elasticity of supply charles is a retired teacher who lives in new york city and provides math tutoring for extra cash. at a wage of $50 per hour, he is willing to tutor 10 hours per week. at $65 per hour, he is willing to tutor 19 hours per week. using the midpoint method, the elasticity of charles’s labor supply between the wages of $50 and $65 per hour is approximately , which means that charles’s supply of labor over this wage range is .

Elascticity of supply is 2.38, which means that it is highly elastic.

Explanation:

At a wage rate of $50 per hour, Charles is willing to work 10 hours per week.

At a wage rate of $65 per hour, he is willing to work 19 hours per week.

Here,

P1 = $50, P2 = $65, Q1 = 10 hours, Q2=19 hours

Change in labor supply

=

=

=

= 0.62

Change in labor price

=  

=

=

= 0.26

Elasticity of supply

=

=

=2.38

Elascticity of supply is 2.38, which means that it is highly elastic.

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