As with the own-wage elasticity of demand for labor, the elasticity of supply of labor can be similarly classified. the elasticity of supply of labor is elastic if elasticity is greater than 1. it is inelastic if the elasticity is less than 1, and it is unitary elastic if the elasticity of supply equals 1. for each of the following occupations, calculate the elasticity of supply, and state whether the supply of labor is elastic, inelastic, or unitary elastic. es and w are the original supply of workers and wage. e's and w' are the new supply of workers and wage. a. %δes = 7, %δw = 3 b. es = 120, w = $8 e's = 90, w' = $6 c. es = 100, w = $5 e's = 120, w' = $7

Renaldo scanlon is a financial consultant. he earns $30 per hour and works 32.5 hours a week. what is his straight-time pay?

In 2000, campbell soup company launched an ad campaign that showed prepubescent boys offering soup to prepubescent girls. the girls declined because they were concerned about their calorie intake. the boys explained that “lots of campbell’s soups are low in calories,” which made them ok for the girls to eat. the ads were pulled after parents expressed concern. why were parents worried? i

Reliability and validity reliability and validity are two important considerations that must be made with any type of data collection. reliability refers to the ability to consistently produce a given result. in the context of psychological research, this would mean that any instruments or tools used to collect data do so in consistent, reproducible ways. unfortunately, being consistent in measurement does not necessarily mean that you have measured something correctly. to illustrate this concept, consider a kitchen scale that would be used to measure the weight of cereal that you eat in the morning. if the scale is not properly calibrated, it may consistently under- or overestimate the amount of cereal that’s being measured. while the scale is highly reliable in producing consistent results (e.g., the same amount of cereal poured onto the scale produces the same reading each time), those results are incorrect. this is where validity comes into play. validity refers to the extent to which a given instrument or tool accurately measures what it’s supposed to measure. while any valid measure is by necessity reliable, the reverse is not necessarily true. researchers strive to use instruments that are both highly reliable and valid.