P Answer this question according to lecture and mtorial discussion. You may use a graph to help you visualize this problem, it will be graded. You must solve for the numerical answers algehraically show - by-step calculation or a zero will be assigned. Suppose in the market private tutoring, the supply curve is P = 30 + 3Q and the demand curve is P = 150 - 3D where P is the price of private tutoring per hour and Q is the number of hours of private tutoring per year. Show to solve for equilibrium number of hours Q and price per hour private tutoring, revenue to private tutors T * R ^ e consumer surplus C * S ^ e producer , and total surplus TS. (b ) Suppose the government believes students are paying too much on private tutoring on hourly basis at the equilibrium price pe from part (a) and it legislates to change the price of private tutoring by $30 to form a binding price ceiling P_{c} Show how to solve for the binding price ceiling P_{c} . At solve for the P_{c} number of hours of private horing supplied Q_{c} ^ delta and demanded the quantity of excess supply surplus ) mathfrak Q c ^ b demand (shortage ), total revenue to private tutors T*R_{c} consumer surplus C*S_{C} producer surplus PS total surplus T*S_{c} the deadweight loss DWL gamma * R ^ e Suppose private tutors used to watch 20 movies when their income was in part ) and the movies they watch drops 10 as their income changes to T*R_{c} in part (b) Calculate the income elasticity of movies for private tutors. Hint: Use the mid -point formula Are movies an inferior , a normal or a luxury item to private tutors