Elasticity Problem: Part One: Show your work - At Tumbleweed Tech Academy (because of budget restraints) the school was forced to raise tuition and fees from $1,000 to $1,600 per quarter. As a result of the result of the increased cost, enroll fell from 8,200 to 8,000. What is the price elasticity of demand? Part Two: Hard times caused total community income to fall by eight percent and this caused enrollment at TTA to rise from 8,000 to 8,400. What is the income elasticity and what does the sign mean. Part Three: Neighboring WSU dropped their tuition and fees by 14 percent and TTA saw enrollment fall from 8,400 to 7,400. What is the cross elasticity between the two schools.
Elasticity Problem: Part One: Show your work - At Tumbleweed Tech Academy (because of budget restraints) the school was forced to raise tuition and fees from $1,000 to $1,600 per quarter. As a result of the result of the increased cost, enroll fell from 8,200 to 8,000. What is the price elasticity of demand? Part Two: Hard times caused total community income to fall by eight percent and this caused enrollment at TTA to rise from 8,000 to 8,400. What is the income elasticity and what does the sign mean. Part Three: Neighboring WSU dropped their tuition and fees by 14 percent and TTA saw enrollment fall from 8,400 to 7,400. What is the cross elasticity between the two schools.
Microeconomics A Contemporary Intro
10th Edition
ISBN:9781285635101
Author:MCEACHERN
Publisher:MCEACHERN
Chapter5: Elasticity Of Demand And Supply
Section: Chapter Questions
Problem 13PAE
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Elasticity Problem:
Part One: Show your work -
At Tumbleweed Tech Academy (because of budget restraints) the school was forced to raise tuition and fees from $1,000 to $1,600 per quarter. As a result of the result of the increased cost, enroll fell from 8,200 to 8,000. What is the price elasticity of demand ?
Part Two: Hard times caused total community income to fall by eight percent and this caused enrollment at TTA to rise from 8,000 to 8,400. What is the income elasticity and what does the sign mean.
Part Three: Neighboring WSU dropped their tuition and fees by 14 percent and TTA saw enrollment fall from 8,400 to 7,400. What is the cross elasticity between the two schools.
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