Question

At a price of $5/hour, bob wants to hire three workers. when the price rises to $7/hour, bob wants to hire only two workers. bob’s price elasticity of demand for workers is:

Answer 1

$5 per worker
5*3=15
$7 per worker
7*2=14
total of what he pays the workers per hour
15+14=29
he pays the workers 29 dollars per hour