Quantity Supplied by Ann Quantity Supplied by Bob Market Quantity Supplied (= Ann + Bob +Carlos New Market Market Price (per Hour) Quantity Supplied by Carlos Quantity Supplied Quantity Demanded $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 What would the new equilibrium price of tutoring services be if Ann decided to stop tutoring? $ per hour %24

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question

Complete the fill in the blanks of the table as well.

Quantity
Supplied by
Ann
Quantity
Supplied by
Bob
Market Quantity
Supplied (= Ann
+ Bob +Carlos
New Market
Market
Price (per
Hour)
Quantity
Supplied by
Carlos
Quantity
Supplied
Quantity
Demanded
$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
What would the new equilibrium price of tutoring services be if Ann decided to stop tutoring?
$
per hour
%24
Transcribed Image Text:Quantity Supplied by Ann Quantity Supplied by Bob Market Quantity Supplied (= Ann + Bob +Carlos New Market Market Price (per Hour) Quantity Supplied by Carlos Quantity Supplied Quantity Demanded $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 What would the new equilibrium price of tutoring services be if Ann decided to stop tutoring? $ per hour %24
Expert Solution
Step 1

At equilibrium:-

                            Demand=Supply

here;

At initial equilibrium:-

Quantity= 120 units

Price= $15 per hour

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