1. Suppose in the market for ECON 1000 private tutoring, the supply curve is = 20 + 2 and the demand curve is = 60 2, where is the price of private tutoring per hour and is the number of hours of private tutoring. (Note: Part (d) requires you to plot all your results) (a) Show how to solve for equilibrium number of hours and price per hour of private tutoring, total revenue to the tutors , consumer surplus , producer surplus , and total surplus . (b) Suppose the government believes the tutors cannot earn a decent living at the equilibrium price from part (a) and it legislates to change the price of private tutoring by $10 an hour with a binding price floor . Show how to solve for the binding price floor . At , solve the quantity supplied and demanded , the quantity of excess supply (surplus) or demand (shortage), total revenue to tutors , consumer surplus , producer surplus , total surplus , and the deadweight loss . (c) Can the price floor policy raise the total revenue for the tutors? Why? (d) Plot all your results in a properly labeled diagram. (e) Suppose the tutors used to consume 40 pizzas when their income was at in part (a) and their pizza consumption increases to 50 as their income changes to in part (b). Calculate the income elasticity for pizza. Is it inferior, normal, or luxury item?