11. Calculating the price elasticity of supply Larry is a retired teacher who lives in New York City and provides math tutoring for extra cash. At a wage of $40 per hour, he is willing to tutor 7...

Extracted text: 11. Calculating the price elasticity of supply Larry is a retired teacher who lives in New York City and provides math tutoring for extra cash. At a wage of $40 per hour, he is willing to tutor 7 hours per week. At $50 per hour, he is willing to tutor 10 hours per week. Using the midpoint method, the elasticity of Larry's labor supply between the wages of $40 and $50 per hour is approximately which means that Larry's supply of labor over this wage range is Grade It Now Save & Continue