Suppose that you run a tutoring service for economics students.

Question 2-Suppose that you run a tutoring service for economics students. The table below reports the demand for your services by 8 studentsper week. In the table are reported each student’s reservation price of a tutoring session per week. Note that each student demands atmost one tutorial session per week.~In addition, the opportunity cost of your time is $24 per session. There are no competitors for your service.StudentReservation PricedNumber ofTotal RevenueMarginal Revenue($ per session )<Sessions given($ per week)($ per Week)40LDe34640LLGO280LLLA) How many tutor session is socially optimal? Explain.~B) Assume that you can only charge a single price for your services. What price are you going to charge the students tomaximize your profit? How many sessions will you sell?~C) Now, suppose that you are able to practice perfect price discrimination. How many sessions will you sell to maximise profits?Compute consumer surplus and the Deadweight loss. ~

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