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Category > Economics Posted 05 Jun 2017 My Price 7.00

service for economics

Suppose that you run a tutoring service for economics students. The table below reports the demand for your services by 8 students per week. In the table are reported each student's reservation price of a tutoring session per week. Note that each student demands at most one tutorial session per week.

 

In addition, the opportunity cost of your time is $33 per session. There are no competitors for your service.360截图20170529111200006.jpg

A) How many tutor session is socially optimal? Explain.

B) Assume that you can only charge a single price for your services. What price are you going to charge the students to maximize your profit? How many sessions will you sell?

C) Compute the deadweight loss (cash-left-on-the-table) associated with the price in part b).

D) Now, suppose that you are able to practice perfect price discrimination. How many sessions will you sell to maximise profits? Compute consumer surplus and the Deadweight loss. 

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SuperTutor
(15)
Status NEW Posted 05 Jun 2017 07:06 AM My Price 7.00

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file 1496649134-Solutions file.docx preview (51 words )
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