In this submission, you must find the elasticity of the demand in the market for Registered nurses using the data you found in the previous submission
For this assignment, you will calculate the price elasticity (or wage elasticity, in this case) of the market for Registered Nurses. 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:
DC and Utah
Kansas and Iowa
New Hampshire and Illinois
For each of the above states, describe if the demand is elastic, unit elastic, or inelastic. How do you know?
Based on the elasticities for each of the above, explain how a 10% increase in the wages for Registered Nurses would impact the quantity demanded.
