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LilyGal LilyGal
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Posts: 502
4 years ago

Question 1.

Between 1950 and 2015 the productivity of wheat farmers in the United States more than doubled. This means that



the amount of wheat produced by the average farmer more than doubled.



the amount of land and other resources devoted to wheat production more than doubled.



the total amount of wheat produced more than doubled.



the incomes of wheat farmers more than doubled.



Question 2.

A study of the effects of the minimum wage on employment of low-skilled workers estimated the price elasticity of demand for low-skilled workers is -0.75. Suppose that the government is considering raising the minimum wage from $7.25 per hour to $7.75 per hour. Based on this information, calculate the percentage change in the employment of low skilled workers. Use the midpoint formula.

Textbook 
InMicro

InMicro


Edition: 1st
Authors:
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Brittany08196Brittany08196
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Posts: 368
4 years ago
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