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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406

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BuyFindarrow_forward

Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406
Textbook Problem

What does the difference between the equilibrium tuition and the student tuition have to do with instructors holding office hours?

To determine

Determine the difference between the equilibrium tuition and student tuition when instructors hold office hours.

Explanation

According to the theory “the closer the tuition fee that equal to the equilibrium tuition, the more on time and responsive university instructor will be for office hours ”, the data show that the student’s tuition fee is charged less than the equilibrium tuition fee in both public and private universities. Assume that the public university charges an equilibrium tuition fee $1,000, the private university charges $800, and the student tuition fee is $700...

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