Use a figure below to describe the four zones of economic discomfort
What will be an ideal response?
The answer is given in the following figure.
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Maria helps tutor students taking economics. The equilibrium price for tutoring is $15 per hour
Maria has determined her opportunity cost per hour to be $6 for the first, $9 for the second, $12 for the third, $15 for the fourth, and $18 for the fifth. How many hours will Maria tutor? Why this amount of hours? What, if any, is Maria's producer surplus?
For the exercise, use the first 500 observations only. Using data for average hourly earnings only (ahe), describe the earnings distribution. Use summary statistics, such as the mean, median, variance, and skewness. Produce a frequency distribution ("histogram") using reasonable earnings class sizes
What will be an ideal response?