Business, 03.03.2020 05:44 joynerjaila

A major state university in the South recently raised tuition by 12%. An economics professor at this university asked his students, "How many of you will transfer to another university because of the increase in tuition?" One student in about 300 said that he or she would transfer. Bas

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Answer from: princess6039

Incomplete question

Complete question:

A major state university in the South recently raised tuition by 12%. An economics professor at this university asked his students, "How many of you will transfer to another university because of the increase in tuition?" One student in about 300 said that he or she would transfer.

Based on this information, the price elasticity of demand for education at this university is

highly inelastic

Explanation:

The price elasticity is highly inelastic because despite the increment in the tuition fees (price increased by 12%), it had no significant effect on the quantity changed (number of students transferring to another school).

Answer from: IsabellaGracie

A major state university in the south recently raised tuition by 12%. An economics professor at this university asked his students, "How many of you will transfer to another university because of the increase in tuition?" One student in 300 said that he or she would transfer. Based on this information, the price elasticity of demand for education at this university is:

a) 1

b) 0

c) highly inelastic

d) highly elastic

The correct answer is (c), Highly inelastic

Explanation:

According to the definition of inelastic demand, Demand price is inelastic when a change in the price causes a smaller percentage in demand. It is Highly inelastic becuase out of numerous number of students only one them said he or she would seek for transfer and this will have no effect on the demand. When find the percentage of this particular student to the rest; it will be a minus to the demand.

Answer from: Quest

They are enjoying the advantage of independence while running their own small business. they can go where they want when they want to, because they control the restaurant's hours. they can also make time for life emergencies, and set the hours to be when they do the best cooking.

Answer from: Quest

answer decisions made by individual households and firms;

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