5. College admissions Suppose the following graph shows the supply of and demand

Question

5. College admissions Suppose the following graph shows the supply of and demand for admission to Louisiana State University, where supply represents the number of student openings and demand represents the number of students who want to attend LSU (i.e., the number of student applications) at any given level of tuition. Use the graph to help you answer the questions that follow. Tool tip: Click and drag one or both of the curves. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just try again and drag it a little farther. Admission to Louisiana State University 90 Supply 75 Demand O 60 Supply 45 O 30 emand 15 12 15 18 NUMBER OF STUDENTS (Thousands)

Explanation / Answer

Thanks for the question.
The equilibrium level of tuition at NYU is 45 per academic year. If NYU sets its tuition at this price, the number of openings available will 12 the numebr of students application.
Now suppose.............student applications will 16 the number of opening available.
...........
The new equilibrium after the magazine report:
Shift the demand curve to the left and the tuition fee will decline.
..............
and check for the respective number of opening to get the answer for last question.

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