• P= price per tutoring session in ECON101. • P=price per tutoring session in Mathematics, which is 46.5. • Pe=price per tutoring session in Kazakh Literature, which is 27. I= income of ECON101 students, which is 388. • P= average opportunity cost of senior Economics students for giving private tutoring sessions in ECON101, which is 34. The equations that represent the demand and supply schedules respectively are: Q=-0.8P-Pm+2P +0.51 Q=1.91 P P + 30 Note: in all your calculations in this question, use a precision for your decimals of up to four decimal digits. When writing your answers, again, use up to four decimal digits if needed. The equilibrium price is: $ The equilibrium quantity is: The point price elasticity of demand at the market equilibrium, in absolute value, is: The point price elasticity of supply at the market equilibrium, is: Determine the cross-price elasticity of tutoring sessions for ECON101 with respect to the price of tutoring sessions for mathematics: What type of goods they are? 0 Determine the cross-price elasticity of tutoring sessions for ECON101 with respect to the price of tutoring sessions for Kazakh literature: What type of goods they are? Senior students from the Economics major found out last week that Prof. Alejandro will have an extremely difficult exam on his 400-level class (true story) during this week. Therefore, their average cost of opportunity of imparting ECON101 tutoring sessions will double. Therefore, the new equilibrium price is:
• P= price per tutoring session in ECON101. • P=price per tutoring session in Mathematics, which is 46.5. • Pe=price per tutoring session in Kazakh Literature, which is 27. I= income of ECON101 students, which is 388. • P= average opportunity cost of senior Economics students for giving private tutoring sessions in ECON101, which is 34. The equations that represent the demand and supply schedules respectively are: Q=-0.8P-Pm+2P +0.51 Q=1.91 P P + 30 Note: in all your calculations in this question, use a precision for your decimals of up to four decimal digits. When writing your answers, again, use up to four decimal digits if needed. The equilibrium price is: $ The equilibrium quantity is: The point price elasticity of demand at the market equilibrium, in absolute value, is: The point price elasticity of supply at the market equilibrium, is: Determine the cross-price elasticity of tutoring sessions for ECON101 with respect to the price of tutoring sessions for mathematics: What type of goods they are? 0 Determine the cross-price elasticity of tutoring sessions for ECON101 with respect to the price of tutoring sessions for Kazakh literature: What type of goods they are? Senior students from the Economics major found out last week that Prof. Alejandro will have an extremely difficult exam on his 400-level class (true story) during this week. Therefore, their average cost of opportunity of imparting ECON101 tutoring sessions will double. Therefore, the new equilibrium price is:
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Transcribed Image Text:• P= price per tutoring session in ECON101.
• P = price per tutoring session in Mathematics, which is 46.5.
• P = price per tutoring session in Kazakh Literature, which is 27.
./= income of ECON101 students, which is 388.
• P= average opportunity cost of senior Economics students for giving private tutoring sessions in ECON101, which
is 34.
The equations that represent the demand and supply schedules respectively are:
Q=-0.8 P- Pm+2P+0.51
Q=1.91 PP. + 30
Note: in all your calculations in this question, use a precision for your decimals of up to four decimal digits. When writing
your answers, again, use up to four decimal digits if needed.
The equilibrium price is:
$
The equilibrium quantity is:
The point price elasticity of demand at the market equilibrium, in absolute value, is:
The point price elasticity of supply at the market equilibrium, is:
Determine the cross-price elasticity of tutoring sessions for ECON101 with respect to the price of tutoring sessions for
mathematics:
What type of goods they are?
0
Determine the cross-price elasticity of tutoring sessions for ECON101 with respect to the price of tutoring sessions for
Kazakh literature:
What type of goods they are?
Senior students from the Economics major found out last week that Prof. Alejandro will have an extremely difficult exam
on his 400-level class (true story) during this week. Therefore, their average cost of opportunity of imparting ECON101
tutoring sessions will double.
Therefore, the new equilibrium price is:
$
and the new equilibrium quantity is
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