TutorMe homepage
Subjects
PRICING
COURSES
SIGN IN
Start Free Trial
Adam B.
3rd year economics student
Tutor Satisfaction Guarantee
Basic Math
TutorMe
Question:

How can one convert a proportion into a percentage?

Adam B.
Answer:

A proportion is a value between 0 and 1, whereas a percentage is a value between 0 and 100, measured in %. One can convert a proportion into a percentage by multiplying the value of the proportion by 100. e.g. 0.15 * 100 = 15% A percentage can be converted to a proportion in the opposite way; divide the percentage by 100. e.g. 75% / 100 = 0.75

Economics
TutorMe
Question:

How and why might a firm use price discrimination?

Adam B.
Answer:

Price discrimination is an innovative form of pricing in which the firm can charge different prices to different consumers for the same good or service. There 3 different degrees of price discrimination. First-degree discrimination splits the market into each individual consumer and charges the consumer the maximum they would pay. In this way, the producer gains all of the consumer surpluses that would have been present had they not practiced price discrimination. Remember that the consumer surplus is the difference between what consumers are willing to pay, and what they actually pay. Second-degree price discrimination involves charging consumers who purchase more a lower price. Third-degree price discrimination uses groups to split the market up. These groups must have distinctly different price elasticities of demand and must be identifiable to prevent arbitrage. An example of this would be cinema tickets, where the groups chosen are by age; adults are more price inelastic so are charged a higher price, whereas teens might pay a lower price as their demand will be more price elastic. The cinema has realized that they can increase their profits by reducing the price of entry for some consumers such that they are now willing to pay.

Statistics
TutorMe
Question:

What is the difference between a t-statistic and the P-value?

Adam B.
Answer:

A t-statistic is a value standardized to the standard error of your sample. It is used to test whether a sample mean (alternative hypothesis) is different to a population mean (null hypothesis). We can find the t -statistic by dividing the difference between the null and alternative hypothesized values by the standard error. The p-value works using the same logic. It gives the probability of calculating a sample mean equal to / greater than (or less than, if the value is negative) the population means.

Send a message explaining your
needs and Adam will reply soon.
Contact Adam
Ready now? Request a lesson.
Start Session
FAQs
What is a lesson?
A lesson is virtual lesson space on our platform where you and a tutor can communicate. You'll have the option to communicate using video/audio as well as text chat. You can also upload documents, edit papers in real time and use our cutting-edge virtual whiteboard.
How do I begin a lesson?
If the tutor is currently online, you can click the "Start Session" button above. If they are offline, you can always send them a message to schedule a lesson.
Who are TutorMe tutors?
Many of our tutors are current college students or recent graduates of top-tier universities like MIT, Harvard and USC. TutorMe has thousands of top-quality tutors available to work with you.