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Suppose that tuition charged by public universities increases. What will be effect on demand for private college education? Assume private and public universities are substitutes.
- Suppose that tuition charged by public universities increases. What will be effect on demand for private college education?
Assume private and public universities are substitutes. What will be the effect on equilibrium price and quantity?
Draw a picture to illustrate your answer.
I am a bit confused trying to answer the effects on these questions and also the drawing.
Thank you,
Regards.
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