If Education R Us University thought that it faced an inelastic demand for the regular academic year but an elastic demand for summer school, and it wanted to increase its total tuition revenue, it would want to tuition in the regular academic year and tuition for summer school

Question

01-10-2019
Social Studies

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If Education R Us University thought that it faced an inelastic demand for the regular academic year but an elastic demand for summer school, and it wanted to increase its total tuition revenue, it would want to tuition in the regular academic year and tuition for summer school

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DelcieRiveria DelcieRiveria · Answer 1 · 2019-10-04T09:34:53+02:00

Answer:

The correct answer is: increase; decrease.

Explanation:

Education R Us University wants to increase its total tuition revenue.

It faces an inelastic demand for the regular academic year but an elastic demand for summer school.

Inelastic demand means that a change in the price will cause less than proportionate change in quantity demanded.

Since the demand for the regular academic year is inelastic, an increase in tuition will cause less than a proportionate decrease in its demand. So this will cause revenue to increase.

Elastic demand means that a change in the price level will cause more than proportionate change in the quantity demanded.

Since the demand for summer school is elastic, a decrease in tuition will cause the demand to increase more than proportionate. This will cause tuition revenue to increase.

​If Education R Us University thought that it faced an inelastic demand for the regular academic year but an elastic demand for summer school, and it wanted to increase its total tuition revenue, it would want to____ tuition in the regular academic year and ____ tuition for summer school

Respuesta :

Otras preguntas

If Education R Us University thought that it faced an inelastic demand for the regular academic year but an elastic demand for summer school, and it wanted to increase its total tuition revenue, it would want to tuition in the regular academic year and tuition for summer school