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You work for a nonprofit organization that promotes after-school tutoring for middle school children, and your coworker has asked you to help him determine the equation for the supply of tutoring in a particular neighborhood. He states that his research has indicated that it is safe to assume that both the demand and supply curves are linear. He has collected the following information: (a) in 2013, the equilibrium price of tutoring was $14 per hour, and 3,000 hours of tutoring were purchased; (b) in 2014, the equilibrium price of tutoring was $16 per hour, and 4,000 hours were purchased. What should your response be? [Hint: A graph or two could help make your answer easier to explain. Think about what the information provided actually tells you, and don’t just start doing calculations! Also, yes, I am aware that I have not provided the formula to calculate the slope of a line.]

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91952300

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