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11. Calculating the price elasticity of supply Eric is a graduate student living in Chicago who works as a caddy to supplement his normal income. At an hourly wage rate of $15, he is willing to caddy 3 hours per week. Upping the wage to $30 per hour, he is willing to caddy 8 hours per week. Using the midpoint method, the elasticity of Eric's labor supply between the wages of $15 and $30 per hour is approximately , which means that Eric's supply of labor over this wage range is .

          11. Calculating the price elasticity of supply
Eric is a graduate student living in Chicago who works as a caddy to supplement his normal income. At an hourly wage rate of $15, he is willing to caddy 3 hours per week. Upping the wage to $30 per hour, he is willing to caddy 8 hours per week.
Using the midpoint method, the elasticity of Eric's labor supply between the wages of $15 and $30 per hour is approximately    , which means that Eric's supply of labor over this wage range is    .

Added by Nathaniel T.

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