Consider a market for a college education between USF online and USF in residence (the one you are attending), where price P represents the amount of student tuitions (in $1,000), and quantity Q represents the number of thousands of students attending. The supply curve for both colleges are: PuF”ds= 10+ 0.5 Qs PuFwg= 4+2 Qs Assuming the demand for both programs is the same, given as: prakr =16 —Qd. Use the information to answer the following questions.

1. Solve the equilibrium tuition (P) and number of admitted students (Q) for USF online.
2. Solve the equilibrium cost of college and admissions for the USF in residence.
3. Suppose that due to inflation, the administrative cost per student for USF Online increases by $4,000 (that is, P=14+0.5Q). Solve for the new equilibrium tuitions for OF Online. How much administrative cost is passed on to the student for OF Online?

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