Answer to Question #127747 in Microeconomics for Dimakatso

Question

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

Answer 1

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