If the wage rate increases from $12 to $13 and, as a result, the quantity demanded of labor decreases from 400 workers to 380 workers, then the absolute value of the elasticity of demand for labor is

-0.6 is The absolute value the elasticity of demand for labor.

Explanation:

The demand measure of Elasticity is refereed   to  the positive  demand against the change in the product price. It shows how much the demand changes if the price of the particular item or product is altered .

From the question given, we recall the following,

The Change in Demand = ( D2 - D1 ) / D1

Change in Demand = ( 380 - 400 ) / 380

Change in Demand = -20 / 380

The change in demand becomes,

Change in Demand = -0.0526

The Change in price = ( P2 - P1 ) / P1

Change in price = ( $13 - $12 ) / $12

Change in price  = $1 / $12

Change in price  = 0.0833

The Formula for Elasticity in of demand is defined as,

The Elasticity of Demand = Change in Demand / Change in price

Elasticity of Demand =  -0.0526 / 0.0833

Therefore,

Elasticity of Demand = -0.6315 = -0.6

a manufacturer of printed circuit boards uses exponential smoothing with trend to forecast monthly demand of its product. at the end of december, the company wishes to forecast sales for january. the estimate of trend through november has been 200 additional boards sold per month. average sales have been around 1000 units per month. the demand for december was 1100 units. the company uses α = 0.20 and β = 0.10. make a forecast including trend for the month of january.

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