In fall 2006, pace university in new york raised its annual tuition from $24,400 to $29,250. freshman enrollment declined from 1,425 in fall 2005 to 1,120 in fall 2006. assuming that the demand curve for places in the freshmen class at pace did not shift between 2005 and 2006, use this information to calculate the price elasticity of demand. the price elasticity of demand for pace university for the fall of 2006 is demand for places in pace's freshman class is price the total revenue generated from pace's freshman class in 2005 calculate the total revenue generated from pace's freshman class in 2006 the total amount of tuition pace received from its freshman class in 2006 compared with 2005

Costco wholesale corporation operates membership warehouses selling food, appliances, consumer electronics, apparel and other household goods at 471 locations across the u.s. as well as in canada, mexico and puerto rico. as of its fiscal year-end 2005, costco had approximately 21.2 million members. selected fiscal-year information from the company's balance sheets follows. ($ millions). selected balance sheet data 2005 2004 merchandise inventories $4,015 $3,644 deferred membership income (liability) 501 454 (a) during fiscal 2005, costco collected $1,120 cash for membership fees. use the financial statement effectstemplate to record the cash collected for membership fees. (b) in 2005, costco recorded $46,347 million in merchandise costs (that is, cost of goods sold). record thistransaction in the financial statement effects template. (c) determine the value of merchandise that costco purchased during fiscal-year 2005. use the financial statementeffects template to record these merchandise purchases. assume all of costco's purchases are on credit.