Question

3. Your friend is thinking of starting up a preschool. You are trying to help him set pricing You do some market research, and discover the following facts about his demand (how many students he can expect) and the supply (how many staff he can hire) o f the price per student is $0/hour, he will have 50 students o fthe price per student is $10/hour, he will have 20 students o If he charges $5/hour for each student, then he can aford to hire enough staff for 10 students "'f he charges S20 hour for each student, then he can hire enough stam for 40 students (a) Graph both the supply function and the demand function below, with price per student on the horizontal axis. Include labels and units Re (b) Wite an equation which gives the demand in terms of the price per hour for each student. Be sure to tell me what your variables (o) For what price will demand match supply?

Answer 1

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