Paper 3 question: Unemployment

IB Economics: Paper 3 question: Unemployment

This question is worth [30 marks]. This paper is based on the new syllabus and contains a policy response question.1. A country finds that the quantity of supply and demand for labour are as follows:a. Calculate the price elasticity of supply and demand for labour in the economy, when the hourly wage rises from $1 per hour to $10? [4 marks]The PES of labour can be calculated by % change in supply / % change in wage,...

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