If the market price for tutoring is $10 per hour what would be the consumer surp

Question

If the market price for tutoring is $10 per hour what would be the consumer surplus for the following students if they pay the market price? Jack is willing to pay $24 for one hour his consumer surplus is $ Jill is willing to pay $21 for one hour her consumer surplus is $ Kathy is willing to pay $10 for one hour her consumer surplus is $ The total consumer surplus for the three students is $ If the market price for tutoring is $10 per hour what would be the producer surplus for the following tutors if they sold their services at the market price? Lee is willing to tutor for one hour at $10 his producer surplus is $ Dora is willing to tutor for one hour at $8 her producer surplus is $ Sam is willing to tutor for one hour at $6 his producer surplus is $ Fill in the blanks with either elastic, inelastic or unit elastic. Jack if raises his price by 25% and sales goes down by 20% demand is price Jack if lowers his price by 20% and sales goes up by 25% demand is price If the sales effect dominates the price effect then demand is price If the price effect dominates the sales effect then demand is price Consider the college as a factory whose output are student graduates, which of the following are fixed inputs and which are variable inputs. Fill in the blank with either fixed or variable. Classroom buildings are inputs. Adjunct Professors are inputs. Student advisors are inputs. Water pipes running through the campus are inputs.

Explanation / Answer

1. Market price = $10

A. Jack's consumer surplus = price he's willing to pay - market price

= $24 - 10 = $14

B. Jill's C.S. = 21 -10 = $11

C. Kathy's C.S. = 10 - 10 = $00

D. Total surplus of these three = 14 +11+0 = $25

2. A inelastic

B elastic

C elastic

D inelastic

3.fixed

variable

variable

fixed

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