Suppose the following graph shows the supply of and demand for admission to the University of British Columbia, where supply represents the number of student openings and demand represents the number of students who want to attend UBC (that is, the number of student applications) at any given level of tuition. Use the graph to help you answer the questions that follow. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther. (?) Admlesion to the University of British Columbia 78 Supply 65 Demand 52 Supply TUITION (Thousands of dollars) 30 13 12 16 20 24 NUMBER OF STUDENTS (Thousands) The equilibrium level of tuition at UBC is |$ per academic year. If UBC sets its tuition at this price, the number of openings available will be the number of student applications. Now suppose that the tuition for UBC is set at $26,000. At this level of tuition, the number of openings available will be the number of student applications. Suppose that in its latest issue, a popular magazine publishes information about universities in Canada. The magazine declares UBC to be Canada's best university. Adjust the previous graph to show the effect this will have on the market for admission to UBC. The new equilibrium level of tuition at UBC is |$ per academic year. If the magazine declares UBC to be Canada's best university and the tuition for UBC is set at $26,000, UBC will receive 7 applications for admission than there are openings