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?
Criteria
Describe the elasticity of tuition and how it affects demand
Solve for the elasticity of demand
Explain the impact of the tuition increase on total revenue
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