(Answered) In a town the demand for math tutors is given by the

Management Studies

In a town the demand for math tutors is given by the equation L_D = 65 - W, where D = number of math tutors and W= hourly wage. The supply curve L_S= 5 + 2W.

a. Calculate the equilibrium wage and number of math tutors in the town and graph the demand and supply curve.

b. If the town mayor imposes a payroll tax of $5 on the employers, how will it affect the equilibrium wage and equilibrium number? How much revenue will the government get through this?

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