Assignment #3 Elasticity Assignment
Assignment
In this submission, you must find the elasticity of the demand in the market for Cashiers using the data you found in the previous submission.
Procedure for Submission:
For this assignment, you will calculate the price elasticity (or wage elasticity, in this case) of the market for Cashiers. We will use the same data we found in part 2. After finding the elasticity, submit a 1 2 page paper that answers the questions that follow:
Paper instructions:
The paper must be 1 2 pages in length, double spaced, 12 point, Times New Roman Font.
You must include a reference page.
Answer the following questions:
Using the midpoint formula, calculate the price elasticity between the following states:
New York and Colorado
Louisiana and South Carolina
Missouri and Florida
*Remember that each point of the data collected didnt necessarily follow the demand curve trend, so some of these elasticities may not follow the price elasticity of demand rule of a negative number.
For each of the above states, describe if the demand is elastic, unit elastic, or inelastic. How do you know?
Based on the elasticities for each of the above, explain how a 10% increase in the wages for Cashiers would impact the quantity demanded.
Assignment #2 is attached for reference as mentioned in bullet #1.
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