Jason wants to hire 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. The initial equilibrium price for tutoring is $15 an hour and hence Maria tutors Jason for 4 hours. Now, Maria realizes that she is the only economics tutor because all the other tutors have graduated. Because she is the only tutor, she has a monopoly and, as a monopolist, Maria decides to charge a price of $25 instead of $15 an hour.

a. At the price of $25 an hour, how many hours will Maria tutor Jason?
b. At the initial equilibrium price of $15 an hour, what was Jason's total consumer surplus and Maria's total producer surplus?
c. At the price of $25 an hour, how many hours will Jason hire Maria to tutor him? What is Jason's total consumer surplus and Maria's total producer surplus?
d. How does the sum of Jason's consumer surplus plus Maria's producer surplus compare at the initial equilibrium price of $15 an hour (part b) and at the new price of $25 an hour (part c)? Comment on any difference.
I just need help with the graph to get myself started...

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To get started, let's create a graph to analyze the situation. We will plot the price and quantity of tutoring hours on the axes.

On the horizontal axis (x-axis), we will have the quantity of tutoring hours, and on the vertical axis (y-axis), we will have the price per hour.

Step 1: Plotting the initial equilibrium price and quantity:
- The initial equilibrium price is $15 per hour, and the quantity is 4 hours. Place a point on the graph at (4, 15).

Step 2: Plotting the monopoly price and quantity:
- The new price decided by Maria as a monopolist is $25 per hour.
- We need to determine the new quantity at this price.
- From the information given, we know that Jason is willing to hire Maria to tutor him for a total of 5 hours.
- However, to determine the number of hours Maria will tutor Jason at the price of $25 per hour, we need to look at the opportunity cost for Maria.
- Based on the opportunity cost, Maria will choose to tutor for 3 hours, as her opportunity cost at $25 per hour is $12.

Place a point on the graph at (3, 25).

Now, we can answer the questions based on this graph.

a. At the price of $25 per hour, Maria will tutor Jason for 3 hours.

b. To calculate total consumer surplus, we need to find the area above the price line and below the demand curve. In this case, it will be the triangle formed by the demand curve and the line $15 (equilibrium price) intersecting the horizontal axis (quantity).
- The area of the triangle is [(4 - 0) * (15 - 0)] / 2 = 30.
- Therefore, Jason's total consumer surplus is $30.

To calculate total producer surplus, we need to find the area below the price line and above the supply curve. In this case, it will be the triangle formed by the supply curve and the line $15 (equilibrium price) intersecting the horizontal axis (quantity).
- The area of the triangle is [(4 - 0) * (15 - 0)] / 2 = 30.
- Therefore, Maria's total producer surplus is also $30.

c. At the price of $25 per hour, Jason will hire Maria to tutor him for 3 hours.
- To calculate total consumer surplus, we need to find the area above the price line and below the demand curve. In this case, it will be the triangle formed by the demand curve and the line $25 (monopoly price) intersecting the horizontal axis (quantity).
- The area of the triangle is [(3 - 0) * (25 - 0)] / 2 = 37.5.
- Therefore, Jason's total consumer surplus is $37.5.

To calculate total producer surplus, we need to find the area below the price line and above the supply curve. In this case, it will be the rectangle formed by the vertical line at 3 hours and the line $25 (monopoly price) intersecting the vertical axis (price).
- The area of the rectangle is 3 * (25 - 0) = 75.
- Therefore, Maria's total producer surplus is $75.

d. The sum of Jason's consumer surplus plus Maria's producer surplus at the initial equilibrium price of $15 per hour is $30 + $30 = $60.
The sum of Jason's consumer surplus plus Maria's producer surplus at the new price of $25 per hour is $37.5 + $75 = $112.5.
The total surplus (consumer plus producer surplus) is higher at the new price of $25 per hour compared to the initial equilibrium price of $15 per hour. This increase in the total surplus is due to the higher price set by Maria as the monopolist.

To get started with the graph for this problem, we will plot the demand curve and the monopoly supply curve.

1. Demand Curve: The demand curve shows the quantity of tutoring hours Jason is willing to buy at different prices. Since the price affects the number of hours he wants, we will plot the price on the vertical axis and the quantity of hours on the horizontal axis. Based on the information given, we know that at a price of $15, Jason is willing to buy 4 hours of tutoring.

2. Monopoly Supply Curve: As a monopolist, Maria determines the price and quantity of tutoring hours she wants to provide. In this case, she decides to charge $25 per hour. To plot the monopoly supply curve, we again plot the price on the vertical axis and the quantity of hours on the horizontal axis. At a price of $25, Maria will tutor a certain number of hours that we need to determine.

Now, let's answer the questions using the graph:

a. To find the number of hours Maria will tutor Jason at $25 per hour, we need to find the point where the monopoly supply curve intersects the demand curve. The quantity of hours at this point is the answer.

b. To calculate Jason's total consumer surplus at the initial equilibrium price of $15 per hour, we need to find the area between the demand curve and the price line ($15). Jason's consumer surplus is equal to the sum of the individual consumer surpluses at each hour. We calculate it as a triangle: 0.5 * (4-0) * (15-12) = $6.

To find Maria's total producer surplus, we need to find the area between the price line ($15) and the supply curve. Maria's producer surplus is also calculated as a triangle: 0.5 * (4-0) * (15-6) = $27.

c. To find the number of hours Jason will hire Maria at $25 per hour, we need to find the point where the demand curve intersects the new price line ($25). The quantity of hours at this point is the answer.

To calculate Jason's total consumer surplus at the new price of $25 per hour, we follow the same process as in part b to find the area between the demand curve and the new price line. Jason's consumer surplus is equal to the sum of the individual consumer surpluses at each hour.

To find Maria's total producer surplus, we calculate the area between the new price line ($25) and the supply curve. Maria's producer surplus is equal to the sum of the individual producer surpluses at each hour.

d. To compare the sum of Jason's consumer surplus and Maria's producer surplus at the initial equilibrium price ($15 per hour) and the new price ($25 per hour), we need to calculate both sums separately. Then we can compare the differences and comment on any changes.

Please note that without the specific numerical values for the quantity of hours and the prices, it's not possible to create an accurate graph or provide precise calculations.