A study of about 1,800 U.S. colleges and universities resulted in the demand equation q= 10,200- 2,4p, where q is the enrollment at a college of "ees) it charges. (a) The study also found that the average tuition charged by universities and colleges was $3,000. What is the corresponding price elasticity of demand? (Round your answers to two decimal places.) Is the price elastic or inelastic? O elastic O Inelastic Should colleges charge more or less on average to maximize revenue? O more O less (b) Based on the study, what would you advise a college to charge its students in order to maximize total revenue? $ per student What would the revenue be? $

A study of about 1,800 U.S. colleges and universities resulted in the demand equation q= 10,200- 2,4p, where q is the enrollment at a college of "ees) it charges. (a) The study also found that the average tuition charged by universities and colleges was $3,000. What is the corresponding price elasticity of demand? (Round your answers to two decimal places.) Is the price elastic or inelastic? O elastic O Inelastic Should colleges charge more or less on average to maximize revenue? O more O less (b) Based on the study, what would you advise a college to charge its students in order to maximize total revenue? $ per student What would the revenue be? $

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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