Read the article "ATAR cut-offs to soar without more uni places to meet surging demand" from the Age, 17 June 2020

(https://www.smh.com.au/national/atar-cut-offs-to-soar-without-more-uni-places-to-meet-surging-demand-20200617-p553ih.html)]

[(PDF available on Assignment page as well) and answer the following questions using demand and supply model:]

1. [How would you predict these changes would affect the equilibrium price and quantity of domestic education? Explain with drawing suitable graphs.(4 marks)(Hint: you can discuss two scenarios, one where supply of university places is fixed and the other where supply is flexible, but government imposes price controls).]