(A) Complete the table by calculating the new market quantity supplied if Ann decided to stop tutoring.(B)what would the new equilibrium price of tutoring services be if Ann decided to stop tutoring? **Economics Application HW****Instructions:**Complete the table by calculating the new market quantity supplied if Ann decided to stop tutoring, and then answer the subsequent question.**Enter your responses as whole numbers.**| Price (per Hour) | Quantity Supplied by Ann | Quantity Supplied by Bob | Quantity Supplied by Carlos | Market Quantity Supplied (Ann + Bob + Carlos) | New Market Quantity Supplied | Market Quantity Demanded ||------------------|--------------------------|--------------------------|-----------------------------|-----------------------------------------------|-----------------------------|--------------------------|| $50 | 94 | 35 | 19 | 148 | | 5 || 45 | 93 | 33 | 14 | 140 | | 8 || 40 | 80 | 31 | 10 | 121 | | 11 || 35 | 68 | 20 | 2 | 90 | | 22 || 30 | 50 | 12 | 0 | 62 | | 30 || 25 | 32 | 7 | 0 | 39 | | 39 || 20 | 20 | 0 | 0 | 20 | | 47 || 10 | 10 | 0 | 0 | 10 | | 57 |**Explanation of Columns:**1. **Price (per Hour):** Price at which the tutoring service is offered.2. **Quantity Supplied by Ann:** Number of hours Ann is willing to tutor at the given price.3. **Quantity Supplied by Bob:** Number of hours Bob is willing to tutor at the given price.4. **Quantity Supplied by Carlos:** Number of hours Carlos is willing to tutor at the given price.5. **Market Quantity Supplied (Ann + Bob + Carlos):** Total number of tutoring hours supplied by Ann, Bob, and Carlos combined at the given price.6. **New Market Quantity Supplied:** To be calculated considering Ann has stopped tutoring. This will be the sum of quantities supplied by Bob and Carlos.7. **Market Quantity Demanded:** Number of hours students demand tutoring at the

The Quantity Supplied is defined as the number of goods and services which the suppliers produce and…

(A) Complete the table by calculating the new market quantity supplied if Ann decided to stop tutoring. (B)what would the new equilibrium price of tutoring services be if Ann decided to stop tutoring?

(A) Complete the table by calculating the new market quantity supplied if Ann decided to stop tutoring. (B)what would the new equilibrium price of tutoring services be if Ann decided to stop tutoring?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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