Suppose an Analysis of the Possible Effects of Increases in University

question 22

Multiple Choice

Suppose an analysis of the possible effects of increases in university tuition fees predicts that a 10% increase in tuition fees will result in a 3% decline in enrolment.What is the implied price elasticity of demand for university attendance?

• A)10
• B)7
• C)0
• D)0.3
• E)3

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Definitions:

Transverse Process

A bony projection off the side of each vertebra in the spine, to which muscles and ligaments attach.

Spinous Process

A bony projection off the posterior (back) of each vertebra, serving as a point of attachment for muscles and ligaments.

Transverse Foramen

A characteristic feature of cervical vertebrae, through which the vertebral arteries pass.

Xiphoid Process

The smallest and most inferior part of the sternum, or breastbone, contributing to the definition of the lower boundary of the thoracic cavity.