(Answered) Quantity of economics tutoring demanded hours price of

Management Studies

Quantity of Economics Tutoring Demanded (hours) Price of Economics Tutoring (per hour)

0 6

1 5

2 4

3 3

4 2

5 2

6 2

Suppose Eric is the only economics tutor in town and therefore holds a monopoly on the sale of economics tutoring. The table shows the demand schedule for his services. Eric can offer additional hours of tutoring at a constant marginal cost of $1.50 per hour and he has no fixed costs.

a. If Eric acts as a monopolist how many hours will he offer and what price will he charge?

b. Calculate Eric's monopoly profit.

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