Every Summer, University Administrators Attempt to Estimate How Many Students

question 50

Essay

Every summer, university administrators attempt to estimate how many students will show up in the fall. When August arrives, they hire part-time instructors and reassign faculty to teach the courses students want. In the spring, administrators often go on a retreat to consider how to do things differently next year. What phase of the strategic planning process do they engage in during each of the three seasons (summer, fall, and spring)?

---

Definitions:

Substitute Good

A product or service that can be used in place of another to satisfy consumer demand or preferences.

Complementary Good

A good whose demand is increased when the price of another good is decreased, as the two goods are often used together, indicating a positive cross-price elasticity.

Price of Fodder

The cost at which agricultural feed for livestock is bought or sold in the market.

Beef Cattle

Cattle specifically raised for producing beef meat, distinguished from dairy cattle which are raised for milk production.