Suppose a University Raises Its Tuition by 6 Percent and as a Result

question 35

Multiple Choice

Suppose a university raises its tuition by 6 percent and as a result the enrollment of students decreases by 3 percent.The absolute value of the price elasticity of demand is

• A)0.5.
• B)2.0.
• C)8.0.
• D)6.0.

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Definitions:

American Adults

Individuals living in the United States who have reached the age of majority, typically 18 years old, with responsibilities and rights of adulthood.

External Criteria

Involves factors or standards imposed from outside an organization or system to assess its performance or quality.

Internal

Internal pertains to something located within or happening inside a specified entity, such as an organization or the human body.

Sociological

Pertaining to sociology, which is the study of society, patterns of social relationships, social interaction, and culture.