Answer to Question #125434 in Microeconomics for Thuto

Question

Question 6 (Marks: 15)
You have been appointed as an economic advisor to the principle of Bright Sparks College, a firm
operating in the market for tertiary education. Over the past 18 months the following
simultaneous changes have been noticed in the market for tertiary education:
 A decrease in consumer income;
 An increase in the cost of providing tertiary education services.

Explain, with the aid of a graph, the impact of the above changes on the equilibrium price and
equilibrium quantity in the tertiary education market.
(Note: Seven marks for a graph and 8 marks for the explanation.)

Marks will be awarded for your ability to integrate theory with the scenario provided.

Answer 1

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