Business, 05.03.2020 07:16 kelseybell5360

Suppose that you have been working at your job for one year and are considering asking your boss for a raise. Your super-helpful economics professor cautions you to be aware of the elasticity of demand for labor before you do. What is the elasticity of demand for labor? A measure of how much firms' profits are affected by changes to wages. A measure of how upset your boss is when his employees ask for more money. A measure of how sensitive the amount of labor firms will hire is to changes in the wage rate. A measure of the sensitivity of wage rates to the unemployment rate. A measure of the extra revenue earned by the firm resulting from hiring one more unit of labor. A measure of how responsive firms' supply of labor is to changes in the wage rate. Suppose you discover that your boss has a demand for labor that is very elastic. What does this imply in terms of you requesting a raise? Your boss may likely eliminate some positions (fire some people) if wages rise. Your boss will maintain the exact same labor force (not fire or hire anyone) if wages rise. Your boss may hire many new people and keep all of the currently employed people if wages rise. Your boss is a flexible and undertanding person, so he or she is likely to accomodate any request you make.

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