TUITION (Thousands of dollars) 70 56 42 28 14 0 0 3 6 12 NUMBER OF STUDENTS (Thousands) The equilibrium level of tuition at LSU is Demand 15 the number of student applications. The new equilibrium level of tuition at LSU is 18 Demand 1 Supply per academic year. If LSU sets its tuition at this price, the number of openings available will L Now suppose that the tuition for LSU is set at $28,000 by Louisiana's state assembly. At this level of tuition, the number of openings available will the number of student applications. Suppose that in its latest issue, a popular magazine publishes information about colleges in the United States. The magazine declares LSU to be America's best college. Adjust the previous graph to show the effect this will have on the market for admission to LSU. per academic year. If the magazine declares LSU to be America's best college and the tuition for LSU is set at $28,000 by Louisiana's assembly, LSU will receive applications for admission than there are openings.
TUITION (Thousands of dollars) 70 56 42 28 14 0 0 3 6 12 NUMBER OF STUDENTS (Thousands) The equilibrium level of tuition at LSU is Demand 15 the number of student applications. The new equilibrium level of tuition at LSU is 18 Demand 1 Supply per academic year. If LSU sets its tuition at this price, the number of openings available will L Now suppose that the tuition for LSU is set at $28,000 by Louisiana's state assembly. At this level of tuition, the number of openings available will the number of student applications. Suppose that in its latest issue, a popular magazine publishes information about colleges in the United States. The magazine declares LSU to be America's best college. Adjust the previous graph to show the effect this will have on the market for admission to LSU. per academic year. If the magazine declares LSU to be America's best college and the tuition for LSU is set at $28,000 by Louisiana's assembly, LSU will receive applications for admission than there are openings.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Note:-
- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.
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![5. College admissions
Suppose the following graph shows the supply of and demand for admission to Louisiana State University, where supply represents the number of
student openings and demand represents the number of students who want to attend LSU (i.e., the number of student applications) at any given level
of tuition.
Use the graph to help you answer the questions that follow. You will not be graded on any adjustments made to the graph.
Tool tip: Click and drag one or both of the curves. Curves will snap into position, so if you try to move a curve and it snaps back to its original position,
just try again and drag it a little farther.
TUITION (Thousands of dollars)
84
70
56
42
20
14
0
0
Admission to Louisiana State University
Supply
Demand
12
NUMBER OF STUDENTS (Thousands)
15
18
Demand
1
Supply](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3b0c1c96-b299-40d6-b689-185a6fdd4c3b%2F12719473-9064-4e94-a154-f6b285f7b596%2Fefznyd_processed.png&w=3840&q=75)
Transcribed Image Text:5. College admissions
Suppose the following graph shows the supply of and demand for admission to Louisiana State University, where supply represents the number of
student openings and demand represents the number of students who want to attend LSU (i.e., the number of student applications) at any given level
of tuition.
Use the graph to help you answer the questions that follow. You will not be graded on any adjustments made to the graph.
Tool tip: Click and drag one or both of the curves. Curves will snap into position, so if you try to move a curve and it snaps back to its original position,
just try again and drag it a little farther.
TUITION (Thousands of dollars)
84
70
56
42
20
14
0
0
Admission to Louisiana State University
Supply
Demand
12
NUMBER OF STUDENTS (Thousands)
15
18
Demand
1
Supply
![70
TUITION (Thousands of dollars)
13
56
28
14
0
0
3
6
12
NUMBER OF STUDENTS (Thousands)
The equilibrium level of tuition at LSU is
Demand
15
the number of student applications.
The new equilibrium level of tuition at LSU is
18
Demand
1
Supply
per academic year. If LSU sets its tuition at this price, the number of openings available will
"
Now suppose that the tuition for LSU is set at $28,000 by Louisiana's state assembly. At this level of tuition, the number of openings available will
the number of student applications.
Suppose that in its latest issue, a popular magazine publishes information about colleges in the United States. The magazine declares LSU to be
America's best college. Adjust the previous graph to show the effect this will have on the market for admission to LSU.
per academic year.
If the magazine declares LSU to be America's best college and the tuition for LSU is set at $28,000 by Louisiana's assembly, LSU will receive
applications for admission than there are openings.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3b0c1c96-b299-40d6-b689-185a6fdd4c3b%2F12719473-9064-4e94-a154-f6b285f7b596%2Fjker37i_processed.png&w=3840&q=75)
Transcribed Image Text:70
TUITION (Thousands of dollars)
13
56
28
14
0
0
3
6
12
NUMBER OF STUDENTS (Thousands)
The equilibrium level of tuition at LSU is
Demand
15
the number of student applications.
The new equilibrium level of tuition at LSU is
18
Demand
1
Supply
per academic year. If LSU sets its tuition at this price, the number of openings available will
"
Now suppose that the tuition for LSU is set at $28,000 by Louisiana's state assembly. At this level of tuition, the number of openings available will
the number of student applications.
Suppose that in its latest issue, a popular magazine publishes information about colleges in the United States. The magazine declares LSU to be
America's best college. Adjust the previous graph to show the effect this will have on the market for admission to LSU.
per academic year.
If the magazine declares LSU to be America's best college and the tuition for LSU is set at $28,000 by Louisiana's assembly, LSU will receive
applications for admission than there are openings.
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