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Complete the table by calculating the new market quantity supplied if Ann decided to stop tutoring, and then answer the following question
Complete the table by calculating the new market quantity supplied if Ann decided to stop tutoring, and then answer the following question.
Instructions: Enter your responses as whole numbers.
Price(per Hour)
Quantity Supplied by Ann
Quantity Supplied by Bob
Quantity Supplied by Carlos
Market Quantity Supplied (= Ann + Bob + Carlos)
New Market Quantity Supplied
Market Quantity Demanded
$50 45 40 35 30 25 20 15 10
94 93 90 81 68 50 32 20 10
35 33 30 27 20 12 7 0 0
19 14 10 6 2 0 0 0 0
148 140 130 114 90 62 39 20 10
r
r
r
r
r
r
r
r
5 8 11 16 22 30 39 47 57
What would the new equilibrium price of tutoring services be if Ann decided to stop tutoring?
$
per hour
Expert Solution
PFA
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