Jason hires Maria to tutor him in economics. Jason is willing to pay 30 for the first hour of tutoring, 25 for the second, 20 for the third, 15 for the fourth, and 10 for the fifth.
Maria has an opportunity cost per hour of 6 for the first, 9 for the second, 12 for the third, 15 for the fourth, and 18 for the fifth. What will be the equilibrium quantity of hours tutored and the equilibrium price? Explain why this quantity and price is the equilibrium. What is Jason's consumer surplus and what is Maria's producer surplus?
Question 2
A student wrote: A production quota is inefficient because it results in overproduction.
At the quota quantity, marginal social cost is equal to the market price and marginal social benefit is less than the market price, so marginal social cost exceeds marginal social benefit. If you were the instructor, how would you correct this statement?
In just ONE hour from now...
(B) Urine collection cup; (C) 24-hour urine container.
U.S. Subsurface Coal Mining: Output, Price, and Output per Worker-Hour, 1949–1994
economics
Economics question
Ferrante, Chapter 11, Economics & Politics