Labor Supply Elasticity
Using a labor supply elasticity to translate a wage change into an hours change, or the reverse.
A labor economist estimates that the wage elasticity of labor supply of session musicians working for a music city is elasticity: hours of work offered respond to the hourly wage they are paid. The goal is for the quantity of labor supplied to direction by labor change%, with nothing else that affects labor supply changing. Treat this as a movement along an unchanged labor supply curve and use the elasticity as a linear approximation: the percentage change in the quantity of labor supplied equals the elasticity times the percentage change in the wage. By what percentage must the hourly wage change? Give the percentage rounded to two decimals, negative for a decrease.
Use it
from datasets import load_dataset
ds = load_dataset("narunraman/steer_me", "labor_supply_elasticity")curl "https://steer-benchmark.cs.ubc.ca/api/sample?element_name=labor_supply_elasticity&n=5&seed=42"
See the Reference for the parameters.