Question
Hi, can someone please answer the following question (with explanation and calculation). Thank you! There is a large market in Brisbane for private tutoring for
Hi, can someone please answer the following question (with explanation and calculation). Thank you!
There is a large market in Brisbane for private tutoring for Year 11 and 12 high school students. The market clearing price for the tutors is $35 per hour. Assume that 10 tutors are employed and each supplies 3 hours oflaboura day. If the private tutors follow a linear, upward sloping supply curve and the smallest opportunity cost for offering their service is $16 per hour(when quantity supplied equals zero), what is the producer surplus per day for all tutors to the nearest wholenumber (with no decimal places)?
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