Friday

March 6, 2015

March 6, 2015

Posted by **janet** on Friday, February 29, 2008 at 3:32pm.

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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