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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

  1. 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 14 tutors are employed and each supplies 5 hours oflaboura day. If the private tutors follow a linear, upward sloping supply curve and the smallest opportunity cost for offering their service is $15 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)?
  2. In 2008, a melamine contamination killed six infants and made thousands ill in China. Due to this contamination of their baby formula, Chinese consumers began to demand more Australian baby formula resulting in a shortage of formula across Australia. If no new suppliers enter the Australian market and the government does not intervene, the price for the quantity supplied to Australian consumers would be expected to be lower/equal/higher compared to the pre-2008 price. [a] (Type L for lower, E for equal, H for higher, N for need more information).
  3. Australian bees are currently the only ones in the world not infected with the Varroa Mite. The Varroa Mite is a parasitic mite capable of destroying an entire bee colony.

Consider the effect of the Varroa Mite severely impacts honey production, destroying up to 90% of hives in Australia.At the same time, consider a small proportion of Australian athletes decide to increase their honey consumption. What would be the impact on the resulting new equilibrium quantity of honey consumed (compared to the original quantity before these two impacts)?. Type H for higher, S for the same, L for lower, U for unknown.

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