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11. Calculating the price elasticity of supply Eileen is a retired teacher living in San Francisco who teaches clarinet lessons to supplement their normal income. At an hourly wage rate of $20, they are willing to teach 2 hours per week. Upping the wage to $40 per hour, they are willing to teach 5 hours per week. Using the midpoint method, the elasticity of Eileen's labor supply between the wages of $20 and $40 per hour is approximately \underline{\qquad}, which means that Eileen's supply of labor over this wage range is \underline{\qquad}. 

          11. Calculating the price elasticity of supply
Eileen is a retired teacher living in San Francisco who teaches clarinet lessons to supplement their normal income. At an hourly wage rate of $20, they
are willing to teach 2 hours per week. Upping the wage to $40 per hour, they are willing to teach 5 hours per week.
Using the midpoint method, the elasticity of Eileen's labor supply between the wages of $20 and $40 per hour is approximately \underline{\qquad}, which means
that Eileen's supply of labor over this wage range is \underline{\qquad}.
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11. Calculating the price elasticity of supply Eileen is a retired teacher living in San Francisco who teaches clarinet lessons to supplement their normal income. At an hourly wage rate of 20, they are willing to teach 2 hours per week. Upping the wage to40 per hour, they are willing to teach 5 hours per week. Using the midpoint method, the elasticity of Eileen's labor supply between the wages of 20 and40 per hour is approximately , which means that Eileen's supply of labor over this wage range is .

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Principles of Economics
Principles of Economics
Gregory Mankiw 8th Edition
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Calculating the price elasticity of supply Eileen is a retired teacher living in San Francisco who teaches clarinet lessons to supplement their normal income. At an hourly wage rate of $20, they are willing to teach 2 hours per week. Upping the wage to $40 per hour, they are willing to teach 5 hours per week. Using the midpoint method, the elasticity of Eileen's labor supply between the wages of $20 and $40 per hour is approximately , which means that Eileen's supply of labor over this wage range is 11.Calculating the price elasticity of supply Eileen is a retired teacher living in San Francisco who teaches clarinet lessons to supplement their normal income. At an hourly wage rate of $20, they are willing to teach 2 hours per week.Upping the wage to $40 per hour, they are willing to teach 5 hours per week. Using the midpoint method,the elasticity of Eileen's labor supply between the wages of $20 and $40 per hour is approximately,which means that Eileen's supply of labor over this wage range is
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Transcript

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00:01 So here we're talking about the elasticity of supply, which is how quantity supplied changes with respect to the price.
00:08 In this case, the quantity supplied is the amount of hours, and the price of what's being supplied, bet's labor, is the wage, right? so we know that the wage and hours are both changing as we move along the supply curve.
00:28 And a wage is going from 30 to 50.
00:33 That's consistent with hours going from 6 to 16.
00:38 We're also told to use the midpoint method.
00:41 So we better get some midpoints here, right? where a midpoint percentage change is talking about not it's the, not the traditional percentage change of new minus old over old.
00:55 It's saying new minus old over the midpoint, sort of a new trinity.
00:58 Reference point...
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