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Shelly bansal
on Dec 19, 2024

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What will the elasticity of resource demand be if unit wages rise by 5 percent and the number of employed workers falls by 9 percent?

A) 3.00
B) 2.36
C) 0.56
D) 1.80

Elasticity of Resource Demand

The responsiveness of the quantity demanded of a resource to a change in its price.

Unit Wages

The amount of compensation received by workers per unit of time or per unit of output produced.

Employed Workers

This term refers to individuals who are currently working for pay or profit, whether on a full-time or part-time basis.

  • Understand the concept of elasticity of resource demand and its calculation.
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SR
sharon roldanDec 19, 2024
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