Economics

Sero has an orchard on his land which he alone can harvest. He also has as a job as parking garage attendant that pays him $16 per hour. He enjoys both work possibilities equally well. However, he has to pay for parking at his attendant job, which runs $4 per hour (they give him an employee discount), whereas he just has to walk outside to get to the orchard, no parking required! Given this information and the information in the accompanying table, please answer the following questions.

Record all answers without commas and without dollar signs (where applicable). Round to the nearest 2 decimal points (if rounding is necessary)

1. Sero's reservation price for 5 crates of apples is _Blank 1__ dollars

2. Sero's reservation price for 9 crates of apples is _Blank 2__ dollars

3. Sero's reservation price for 12 crates of apples is _Blank 3__ dollars

4. Sero's reservation price for 15 crates of apples is _Blank 4__ dollars

5. Suppose the price of apples is $3.75 per crate. Sero receives _Blank 5_dollas in surplus for his 2nd hour of work.

6. Suppose the price of apples is $3.75 per crate. Overall, Sero obtains _Blank 6__ dollars of surplus for the time he works in the orchard.

7. Based on the first two hours worked, Sero's supply elasticity (for 5 to 9 crates and the reservation prices you found above) is _Blank 7____?

Please show all works and explanations !!