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
Sample Solution