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A university needs to increase total revenue. The vice chancellor suggests that by raising fees for overseas students by 15%, total revenue will increase. However, after the fees increase, total revenue actually falls. What can you infer about the price elasticity of demand? Why is this likely to be true?
Forceps
A surgical instrument similar to tongs, used for grabbing, manipulating, or removing objects during surgery.
Dilating/probing
The process of expanding or investigating a body part or cavity with specialized instruments for diagnostic or therapeutic purposes.
Cutting
In a general context, cutting refers to the act of severing or dividing something into parts with a sharp tool. In horticulture, it describes a method of plant propagation.
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