Answer to Question #127895 in Microeconomics for Ntando

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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