Question

Imagine that tuition fee 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​

Answer 1

Answer:

When the demand for a good is highly elastic, consumers make drastic changes to the quantity they demand in response to relatively small changes in price. ... Conversely, when the demand for a good is highly inelastic, consumers respond very little to changes in price.