Calculating the price elasticity of supply
Bob is a retired teacher who lives in Philadelphia and teaches tennis lessons for extra cash. At a wage of $40 per hour, he is willing to teach 7 hours per week. At $50 per hour, he is willing to teach 10 hours per week.
Using the midpoint method, the elasticity of Bob's labor supply between the wages of $40 and $50 per hour is approximately [calculate the elasticity here], which means that Bob's supply of labor over this wage range is [describe the elasticity result here].