Question

• Imagine that tuition for your schooling has increased by 20%. How do you think this will affect demand and consumer behavior? Why? (5 marks) How would you describe the elasticity of your tuition? Explain. (5 marks)
• 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 RM4000 per semester but has since gone up to RM4,800. What is the elasticity of demand? (5 marks)
• How will this impact total revenue for your institution? What inferences can you make from this information? (5 marks)

Answer 1

Answer:

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Answer 2

Answer:

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.

Part 2: 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 $4,000 per semester but has since gone up to $4,800. What is the elasticity of demand?

Part 3: How will this impact total revenue for your institution? What inferences can you make from this information?