A. Imagine that tuition for your schooling has increased by 20%. How do you think this will affect demand and consumer behavior? Why? How would you describe the elasticity of your tuition? Explain. (Describe the elasticity of tuition.)
B. Imagine that there are currently 10,000 students enrolled at your institution. The school decides to increase tuition, and enrollment falls to 9,000. Tuition started at K4, 000 per term but has since gone up to K4, 800. What is the elasticity of demand? (Explain how an increase in tuition will impact demand and consumer behavior. Solve for the elasticity of demand)
C. How will this impact total revenue for your institution? What inferences can you make from this information? (Explain the impact of the tuition increase on total revenue)
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