Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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 $30 per hour. Assume that 19 tutors are employed and each supplies 4 hours oflaboura day. If the private tutors follow a linear, upward sloping supply curve and the smallest opportunity cost for offering their service is $10 per hour(when quantity supplied equals zero), what is the producer surplus per dayfor all tutorsto the nearest whole dollar figure?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Microeconomics

Authors: Hal R. Varian

8th edition

393934241, 978-0393934243

More Books

Students also viewed these Economics questions

Question

1. Maintain my own perspective and my opinions

Answered: 1 week ago

Question

2. What do the others in the network want to achieve?

Answered: 1 week ago