Suppose the price elasticity of demand for Valencia face-to-face and online classes is 3.83 and .72 respectively in the fall of 2023.  This means Valencia should:                         Lower tuition this fall for live classes and raise tuition for online classes. Lower tuition for online and face-to-face classes. Lower tuition for live classes and leave tuition unchanged for online classes. Raise tuition by a small amount for live classes and substantially for online classes.

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A: Elasticity of demand measures the responsiveness of quantity demanded to changes in price level

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A:

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