Yvette is a college student who lives in San Francisco and does some consulting work for extra cash. At a wage of $35 per hour, she is willing to work 4 hours per week. At $45 per hour, she is willing to work 8 hours per week. Using the midpoint method, the elasticity of Yvette’s labor supply between the wages of $35 and $45 per hour is approximately , which means that Yvette’s supply of labor over this wage range is .

The elasticity of Yvette's labor supply is 2.67 and the value is greater than 1  so the wage range is elastic.

Explanation:

The wage one is given as=  $35

The Quantity of time is given as =4 hours

The second wage is given as =$45

The quantity of time for second wage is =8 hours

So the calculation of elasticity is as

By replacing the values

So The elasticity of Yvette's labor supply is 2.67 and the value is greater than 1  so the wage range is elastic.

i believe that it is a 45% chance.

answer decisions made by individual households and firms;