Top Posters
Since Sunday
5
a
5
k
5
c
5
B
5
l
5
C
4
s
4
a
4
t
4
i
4
r
4
Home Q & A Board Other Fields Homework Help Business Economics
New Topic  
Loraine Loraine
wrote...
Go to Answer
Posts: 4563
Rep: 33 0
8 years ago
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?
Textbook 
Essential Foundations of Economics

Essential Foundations of Economics


Edition: 7th
Authors:
Read 408 times
2 Replies
Start by doing what's necessary; then do what's possible; and suddenly you are doing the impossible.
Replies
Answer verified by a subject expert
SydnieSydnie
wrote...
#1
Top Poster
Posts: 3807
Rep: 458 1
8 years ago
Sign in or Sign up in seconds to unlock everything for free
More solutions for this book are available here
This verified answer contains over 130 words.

Related Topics

wrote...
#2
8 years ago
I was confident with my answer, glad it was correct.

Oh, and thumbs-up are more than welcome Slight Smile
New Topic      
Quick Reply
Explore
Post your homework questions and get free online help from our incredible volunteers
  1288 People Browsing
Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook
Live Chat
Related Images
  
 89
  
 78
  
 89
Your Opinion
Where do you get your textbooks?
Votes: 372
Previous poll results: Which industry do you think artificial intelligence (AI) will impact the most?