I often get requests to tutor students in math-intensive subjects. I love teaching and I usually enjoy tutoring, so I like having the opportunity to help someone with the subjects I love (economics, statistics, "mathy" subjects, etc.).
Although I love tutoring, I don't love setting a price. On one hand, my time has an opportunity cost and if I don't set the price high enough, I will have too much tutoring demand. At the same time, it feels pretentious to tell someone that my time is worth $X per hour (imagine that X is a large number). When I tutor, I like to state an appropriate price without appearing pretentious. But, that's difficult. It's just one of those uncomfortable social situations.
I bring this up because I recently discussed tutoring of MBA students with one of my fellow graduate students (to remain unnamed). He told me that he charged $100/hour and was still able to retain a bunch of tutoring clients (FYI: At that rate, I'd gladly offer my tutoring services).
Given that background, here's the poll question this week:
What is an appropriate tutoring rate?
(a) $10 -- $20/ hour
(b) $25 / hour
(c) $50 / hour
(d) $100 / hour
(e) > $100/ hour
As stated, this question is somewhat ambiguous (some tutors are "worth" $10/hour, some are "worth" more). To make it more concrete, imagine that you're giving me (an economics Ph.D. student at University of Chicago) advice on what rate I should charge.
That's the poll. Vote early, and often, and on the sidebar. Tell your friends, classmates, professors, and tutors to vote. I'm interested in hearing what you have to say.