Asked by
Grace Oguama
on Oct 26, 2024Verified
The university president believes that increasing student tuition by 5% will increase revenues.If the president is correct that revenues will increase,then the tuition increase will _____ the number of students enrolling by _____%.
A) reduce;less than 5
B) reduce;more than 5
C) increase;exactly 5
D) increase;less than 5
Student Tuition
The fee or payment required for attending an educational institution, such as a college or university.
Total Revenue
The total income a business receives from selling its goods or services, calculated as the quantity sold multiplied by the price.
- Examine the consequence of price variation on aggregate revenue, from the perspective of demand elasticity.
- Apply knowledge of elasticity to real-world scenarios such as agricultural production, tuition fees, and pricing strategies.
Verified Answer
TM
Learning Objectives
- Examine the consequence of price variation on aggregate revenue, from the perspective of demand elasticity.
- Apply knowledge of elasticity to real-world scenarios such as agricultural production, tuition fees, and pricing strategies.
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