11. Calculating the price elasticity of supply Teresa is a retired teacher living in Miami who teaches clarinet lessons to supplement their normal income. At an hourly wage rate of $20, they are willing to teach 5 hours per week. Upping the wage to $40 per hour, they are willing to teach 14 hours per week. Using the midpoint method, the elasticity of Teresa's labor supply between the wages of $20 and $40 per hour is approximately which means that Teresa's supply of labor over this wage range is.