You should use economic concepts learned throughout the course to support your answer. Given the laws...

You should use economic concepts learned throughout the course to support your answer. Given the laws of supply and demand (to start with) you can expand on the concepts based on your answer. What do you expect the market to look like for higher education as a result of COVID-19? You can generalize your answer and look at the total market for higher education, focus on a specific school, location, rank, etc., Explain what you expect to happen to the price of higher education (tuition) and why, supply, demand?

Expert Solution

Market for higher education is also driven by supply and demand determinants. Due to the COVID-19 pandemic, there is a partial shutdown in the economy in USA as well as in most of the countries in the world. It has caused higher unemployment rate, for example to be just over 11% in the USA. It has decreased the purchasing power of people. As a result, demand for higher education has been decreased. It has caused demand curve to shift to the left. The negative impact upon demand is also due to the reason of fear of spreading of COVID-19 pandemic is more people sit together in a classroom or move in the campus. Though there is an alternative way to deliver classes online. But, it is not considered somewhat attractive for the new admissions ans students wait for those academic sessions where the classes are to be delivered in the classroom. So, demand curve shifts to the left.

Though there will be some colleges or universities, that will either not take admissions or reduce the number of seats in the higher education in the current COVID-19 pandemic scenario. It also causes supply curve to shifts to the left as number of seats for higher education are offered in less numbers.

Above changes in demand and supply shows two scenarios in panel A and panel B.

If decrease in demand is more than decrease in supply as shown in panel A, then price of higher education decreases as shown at P1 price. If decrease in supply is more than decrease in demand in panel B, then price of higher education increases as shown at P1 price.

Here, decrease in quantity of higher education takes place in both the panels or scenarios as shown above.

Rahul Sunny answered 2 years ago

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