supply of and demand for admission to the University of Calgary where supply c alert applications) any and Calgary that is the num det spenings and demand gets the number of students who c toto galpon just drag the questions that w the curves to the desired position, Curves Admiss the University of Calgary Demand P.
supply of and demand for admission to the University of Calgary where supply c alert applications) any and Calgary that is the num det spenings and demand gets the number of students who c toto galpon just drag the questions that w the curves to the desired position, Curves Admiss the University of Calgary Demand P.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:So the following graph shows the supply of and demand for admission to the University of Calgars, where supply represents the number of
sudert openings and demand represents the number of students who want t
gen level of tution. Use the graph to help you answer the questions that follow
amend Calgary (that is, the number of student applications) at any
Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and e snaps back
to its original peeton, just draga lle farther
TUTION (Thundeaftang
K
8
T
Admission to the University of Calgary
Demand
NUMBER OF STUDENTS (Thousand
The equilibrum level of tuition at UCalgary is
available will be
10
Demand
the number of student applications
1
Supply
per academic year of UCalgary sets its tuition at this price, the number of openings
New suppose that the tuition for UCalgary is set at $30.000. At this level of tuition, the number of hudent applications will be
number of openings available.
Suppose that in its latest issue a popular magazine publishes information about universities in Canade. The magazine dedaras UCalgary to be
Canada's best university
Adjust the previous graph to show the effect this
The new equilibrium level of tuition at UCalgary is
If the magazine declares Calgary so be Canada's best university and the tuition for UCalgary set at $30.000 UCalgary will receive
applications for admission than there are openings
on the market for admission to UCalgar
per academic year
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