The table below shows Deion's demand schedule for web tutoring before and after winning the lottery. Use the data provided toanswer the following questions:Quantity Demanded (Hours per Semester)Price (perHour)Initial Quantity After IncreaseDemandedin Increase$2313204183154137106.8875810LO At what price would Deion buy 4 hours of web tutoring?a. Without a lottery win.per hourb. With a lottery win.$per hour%24%24

Answered: The table below shows Deion's demand…

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter5: Buying The Necessities

Section5.2: Cloting Choices

Problem 1R

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The table below shows Deion's demand schedule for web tutoring before and after winning the lottery. Use the data provided to
answer the following questions:
Quantity Demanded (Hours per Semester)
Price (per
Hour)
Initial Quantity After Increase
Demanded
in Increase
$23
1
3
20
4
18
3
15
4
13
7
10
6.
8
8
7
5
8
10
LO

At what price would Deion buy 4 hours of web tutoring?
a. Without a lottery win.
per hour
b. With a lottery win.
$
per hour
%24
%24

Expert Solution

Step 1

Demand schedule gives us the data regarding the quantity demanded at various price levels for a good. When the P(price) of the good is plotted against the Qd(quantity demanded) then we obtain a demand curve which is negatively sloped.

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