### Supply and Demand Analysis for Tutoring Services#### Instructions:Complete the table by calculating the "New Market Quantity Supplied" if Ann decided to stop tutoring, and then answer the question below. Enter your responses as a whole number.#### Table Information:- **Price (per Hour):** This column provides various price points for tutoring services, ranging from $10 to $50.- **Quantity Supplied by Ann:** The number of tutoring sessions Ann supplies at each price point.- **Quantity Supplied by Bob:** The number of tutoring sessions Bob supplies at each price point.- **Quantity Supplied by Carlos:** The number of tutoring sessions Carlos supplies at each price point.- **Market Quantity Supplied (Ann + Bob + Carlos):** The total number of tutoring sessions supplied in the market when all three participants are active.- **New Market Quantity Supplied:** You need to calculate this value by excluding Ann's contribution from the total market supply.- **Market Quantity Demanded:** Represents the number of tutoring sessions demanded at each price point.#### Data Table:| 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 | 90 | 30 | 10 | 130 | | 11 || 35 | 81 | 27 | 6 | 114 | | 16 || 30 | 68 | 20 | 2 | 90 | | 22 || 25 | 50 | 12 | 0 | 62 | | 30 || 20 | 32 | 7 | 0 | 39 | | 39 || 15 | 20 | 0 | 0 | 20 | |

The equilibrium occurs at a point where the quantity supplied is equal to the quantity demanded. The…

Complete the table by calculating the "New Market Quantity Supplied" if Ann decided to stop tutoring, and then answer one question. Instructions: Enter your responses as a whole number. Price Quantity (per Supplied by Hour) Ann $50 94 45 93 40 90 35 81 30 68 25 50 20 32 15 20 10 10 Quantity Supplied by Bob 35 33 30 27 20 12 7 0 0 Quantity Supplied by Carlos 19 14 10 6 2 ܘ ܘ ܘ ܘ ܙ 0 Market Quantity Suppiled (= Ann + Bob +Carlos) 148 140 130 114 90 62 39 20 10 New Market Quantity Supplied Market Quantity Demanded 5 OF EN 75 8 11 16 22 30 39 47 What would the new equilibrium price of tutoring services be if Ann decided to stop tutoring? $ per hour

Complete the table by calculating the "New Market Quantity Supplied" if Ann decided to stop tutoring, and then answer one question. Instructions: Enter your responses as a whole number. Price Quantity (per Supplied by Hour) Ann $50 94 45 93 40 90 35 81 30 68 25 50 20 32 15 20 10 10 Quantity Supplied by Bob 35 33 30 27 20 12 7 0 0 Quantity Supplied by Carlos 19 14 10 6 2 ܘ ܘ ܘ ܘ ܙ 0 Market Quantity Suppiled (= Ann + Bob +Carlos) 148 140 130 114 90 62 39 20 10 New Market Quantity Supplied Market Quantity Demanded 5 OF EN 75 8 11 16 22 30 39 47 What would the new equilibrium price of tutoring services be if Ann decided to stop tutoring? $ per hour

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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