miranda and jason are in the tutoring business. miranda is willing to tutor as long as she gets $20, while jason will not tutor unless he gets $35. if the most that someone would pay for tutoring is $30, how much producer surplus is earned?

Answers

Answer 1

The producer surplus earned by Miranda will be $10, and Jason will earn $0.

Producer surplus is the total profit an individual producer makes when they produce and sell a specific quantity of a good at market value. The total revenue from sales of a producer's goods less the marginal cost of production is the producer surplus.

The profit a producer makes by selling at market value as opposed to the lowest price they would have been ready to accept is known as the producer's surplus.

Miranda offered to tutor for $20, but the market rate for tutoring was $30; as a result, Miranda's producer surplus is equal to $30 - $20, or $10. Jason, on the other hand, offered to tutor for more than the market rate, leaving him with a $0 producer surplus.

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Related Questions

for self-constructed assets, the costs incurred include labor, materials, and multiple choice question. overhead. depreciation expense. research and development. operating costs.

Answers

For self-constructed assets, costs include labor, materials, and overhead.

Assets are resources of economic value that are owned by individuals/companies and are expected to generate profits in the future. Meanwhile in the world of accounting, the notion of assets is the component of assets listed in the balance sheet and compared with the amount of liabilities (liabilities and equity).

Although many people use the term "asset" to refer to someone's property, in fact assets do not always have to be 100% owned by the holder. For example, a company has an operating machine whose ownership is 100% funded by debt. These operational machines are still treated as assets. However, in exchange the company incurs debt repayment costs in terms of liabilities.

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Elaine just accepted a new job and is working with the company's HR department to fill out
paperwork. Which of the following steps is she responsible for?

a. Determine how much tax to withhold from her paychecks based on W-4 information

b. Complete a W-4 form

c. Send withholding amounts to the
federal government

d. Complete a W-2 form

Answers

As a new person that has been accepted to the new Job that has to fill the HR of the company, what she is going to be responsible for would be to Complete a W-4 form.

What is a W-4 form?

W-4 form is the term that is used to refer to the form that thet the people that are employed in a particular organization would have to fill. The form would have to tell the amount of money that the employee is to withhold from your pay as the tax that you are to pay to the government as your income.

The other term that the form is used to be called is the employee withholding certificate because of the work that the form is meant to achieve.

Hence we would have to say that the steps that Elaine is going to be responsible for filling would be the employee withholding for the business to take her federal taxes for the government.

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