If all personal trainers agree to charge $80 an hour, how do consumer surplus and producer surplus
Question:
If all personal trainers agree to charge $80 an hour, how do consumer surplus and producer surplus change? What is the deadweight loss created?
The table shows the demand schedule for personal trainer services and the supply schedule of personal trainer services.
Transcribed Image Text:
Price (dollars per hour) 0 20 40 60 80 100 Quantity demanded Quantity supplied (hours per day) 100 80 60 40 20 0 0 0 20 40 60 80
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 57% (7 reviews)
If the price is 80 a haircut the quantity of hours is 20 ...View the full answer
Answered By
Milan Mondal
I am milan mondal have done my Msc in physics (special astrophysics and relativity) from the University of burdwan and Bed in physical science from the same University.
From 2018 I am working as pgt physics teacher in kendriya vidyalaya no2 kharagpur ,west bengal. And also I am doing advanced physics expert in chegg.com .also I teach Bsc physics .
I love to teach physics and acience.
If you give me a chance I will give my best to you.
5.00+
4+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
The following table shows the demand schedule for PlayStation video games. a. Compute total expenditure for each row in the table. b. Plot the demand curve and the total expenditure curve. c. Compute...
-
The following table shows Hillarys demand schedule for Cherry Blossom Makeup. Graph Hillarys demand curve. Price Quantity Demanded (dollars per ounce) (ounces per week) $15 ............. 5 oz. 12...
-
The following table shows a demand schedule for a normal good. Price Quantity demanded $23 70 $21 90 $19 110 $17 130 a. Do you think that the increase in quantity demanded (say, from 90 to 110 in the...
-
Describe at least one method by which the organization can reduce change resistance?
-
Is personal property typically insured under a homeowners insurance policy? If so, are there limits to the coverage of personal property? What is a home inventory?
-
A woman making $2000 per month has her salary reduced by 10% because of sluggish sales. One year later, after a dramatic improvement in sales, she is given a 20% raise over her reduced salary. Find...
-
4. Federal antitrust statutes are complex, but the basic goal is straightforward: to prevent a major industry from being so dominated by a small group of corporations that they destroy competition...
-
Metro Shuttle Company is considering investing in two new vans that are expected to generate combined cash inflows of $28,000 per year. The vans combined purchase price is $91,000. The expected life...
-
Ricky and Sharon married at age 22?, started a? family, and bought a house. At age 30?, they began making a ?$4,000 contribution to a traditional IRA. They continued making these contribution...
-
The diagram shows a semi-circle with diameter EF of length 12 cm. Angle GEF = radians and the shaded region has an area of A cm 2 . a. Show that A = 36 + 18 sin 2. b. Given that is increasing at a...
-
A survey found that when incomes increased by 10 percent, the following changes in the quantities demanded occurred: spring water up by 5 percent; sports drinks down by 2 percent; cruises up by 15...
-
In a market in which demand is price inelastic, producers can gouge consumers and the government must set high standards of conduct for producers to ensure that consumers get a fair deal. Do you...
-
Identify the main reactant and product process streams for the following: The maleic anhydride production process shown in Figure B.5.1, Appendix B V-601 C-601 Benzene Inlet Air Feed Compressor Drum...
-
Integrated marketing communications are highly coordinated. Select a company that appropriately addresses each aspect integrated marketing communications. Illustrate how each element is represented...
-
What effect does government have on business organizational structure? How does the organization structure change to changes in government?
-
A needle electrode made of an unknown material is produced to function as an electrode and for injection if needed. The wall thickness of the electrode is constant, and it is t 0.1 mm everywhere. The...
-
After reading the Pope's statement rescinding the Doctrine of Discovery, do you feel that Johnson v. McIntosh should be be rescinded as well? Or do you think that it is not feasible to fully return...
-
Organizational chart (project team) for renovating Santa Rita group home , Responsibility matrix Work Breakdown Structure, Communications plan, Project charter and Detailed explanations explaining...
-
Refer to the time series in exercise 17. Use Holt's linear exponential smoothing method with α = .3 and β = .5 to develop a forecast for t = 6. In Exercise 17 1 2 3 15 Y,16...
-
Prove the formula for (d/dx)(cos-1x) by the same method as for (d/dx)(sin-1x).
-
In France there are very strong unions and laws that protect workers from being fired. Do you believe that the short-run tradeoff between inflation and unemployment would be the same between the...
-
"According to the natural rate hypothesis, the unemployment rate will be equal to the natural unemployment rate at all times." Is the previous statement correct or incorrect? Explain your answer.
-
It is often fashionable to blame Congress and the President for large deficits and congratulate it when there are large surpluses. In what way is this blaming and congratulating somewhat unfounded?
-
2: Conduct an internal and an external audit Amend your planned marketing audit activities according to the complex, non-routine issue assigned to you by your assessor. If you are using your own...
-
package jsjf; import jsjf.exceptions.*; import java.util.Arrays; * An array implementation of a stack in which the * bottom of the stack is fixed at index 0. * * @author Java Foundations * @version...
-
All questions below pertain to material learned from the textbook (Chapter 8) and lectures.Please put all answers to the questions below in this document for grading. Please do NOT submit answers...
Study smarter with the SolutionInn App