9 0 0 2 4 6 NUMBER OF STUDENTS (Thousands) 8 10 12 The equilibrium level of tuition at York U is $33,00 per academic year. If York U sets its tuition at this price, the number of student applications will be equal to the number of openings available. Now suppose that the tuition for York U is set at $18,000. At this level of tuition, the number of openings available will be less than ▼ the number of student applications. Suppose that in its latest issue, a popular magazine publishes information about universities in Canada. The magazine dec best university. The new equilibrium level of tuition at York U is $ Adjust the previous graph to show the effect this will have on the market for admission to York U. per academic year. greater than equal to less than If the magazine declares York U to be Canada's best university and the tuition for York U is set at $18,000, York U will receive more applications for admission than there are openings.. be Canada's
9 0 0 2 4 6 NUMBER OF STUDENTS (Thousands) 8 10 12 The equilibrium level of tuition at York U is $33,00 per academic year. If York U sets its tuition at this price, the number of student applications will be equal to the number of openings available. Now suppose that the tuition for York U is set at $18,000. At this level of tuition, the number of openings available will be less than ▼ the number of student applications. Suppose that in its latest issue, a popular magazine publishes information about universities in Canada. The magazine dec best university. The new equilibrium level of tuition at York U is $ Adjust the previous graph to show the effect this will have on the market for admission to York U. per academic year. greater than equal to less than If the magazine declares York U to be Canada's best university and the tuition for York U is set at $18,000, York U will receive more applications for admission than there are openings.. be Canada's
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:8. University admissions
Suppose the following graph shows the supply of and demand for admission to York University, where supply represents the number of student
openings and demand represents the number of students who want to attend York U (that is, the number of student applications) at any given level of
tuition. Use the graph to help you answer the questions that follow.
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 it snaps back
to its original position, just drag it a little farther.
TUITION (Thousands of dollars)
54
45
5
27
18
9
Admission to York University
Supply
D2
D₁
Demand
Supply
?
4
Transcribed Image Text:TU
9
0
0
2
6
8
NUMBER OF STUDENTS (Thousands)
10
12
The equilibrium level of tuition at York U is $33,00 per academic year. If York U sets its tuition at this price, the number of student applications
will be equal to
the number of openings available.
Now suppose that the tuition for York U is set at $18,000. At this level of tuition, the number of openings available will be
number of student applications.
Suppose that in its latest issue, a popular magazine publishes information about universities in Canada. The magazine ded
best university.
The new equilibrium level of tuition at York U is $
Adjust the previous graph to show the effect this will have on the market for admission to York U.
per academic year.
less than
greater than
equal to
less than
If the magazine declares York U to be Canada's best university and the tuition for York U is set at $18,000, York U will receive
more applications for admission than there are openings.
the
be Canada's
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