A company has 700 employees who each work 150 hours a month. Each worker earns $34 per hour. There is a profitable project the company would like to start, but it would require an additional 42,000 working hours within three months to be completed, and all the employees are fully loaded with other projects. The company does
not want to hire new staff; they would like the project to be completed by the current workforce Instead.
Assume that the company determines that in order to complete the project in three months, they must raise wages to $38.79 an hour. Given this increase in wages,
calculate the wage elasticity of labor supply using the midpoint method. If necessary, round all intermediate calculations and your final answer to two decimal places