Complete the table by calculating the "New Market Quantity Supplied" if Ann decided to stop tutoring, and then answer or Instructions: Enter your responses as a whole number. Market Quantity Price (per Hour) Quantity Supplied by Ann Quantity Supplied by Bob Quantity Supplied by Supplied (= Ann Carlos New Market Quantity Supplied Market Quantity Demanded + Bob +Carlos $35 70 100 65 235 90 30 70 80 55 205 95 25 60 70 40 170 110 20 60 60 35 155 115 15 55 40 25 120 120 10 40 20 15 75 130 10 10 25 158
Complete the table by calculating the "New Market Quantity Supplied" if Ann decided to stop tutoring, and then answer or Instructions: Enter your responses as a whole number. Market Quantity Price (per Hour) Quantity Supplied by Ann Quantity Supplied by Bob Quantity Supplied by Supplied (= Ann Carlos New Market Quantity Supplied Market Quantity Demanded + Bob +Carlos $35 70 100 65 235 90 30 70 80 55 205 95 25 60 70 40 170 110 20 60 60 35 155 115 15 55 40 25 120 120 10 40 20 15 75 130 10 10 25 158
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question

Transcribed Image Text: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.
Quantity
Supplied by
Ann
Quantity
Supplied by Supplied by
Bob
Market Quantity
Supplied (= Ann
+ Bob +Carlos
Quantity
New Market
Market
Price (per
Hour)
Quantity
Supplied
Quantity
Demanded
Carlos
$35
70
100
65
235
90
30
70
80
55
205
95
25
60
70
40
170
110
20
60
60
35
155
115
15
55
40
25
120
120
10
40
20
15
75
130
10
10
5
25
158
LO

Transcribed Image Text:What would the new equilibrium price of tutoring services be if Ann decided to stop tutoring?
per hour
%24
Expert Solution

Step 1
Equilibrium is achieved at a point where demand curve intersects the supply curve. Market quantity is derived by summing the quantity supplied by individual producers.
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