A Recent Study at a Liberal Arts College Concluded That

question 81

Multiple Choice

A recent study at a liberal arts college concluded that demand elasticity is 0.91 for college courses. The administration is considering a tuition increase to help balance the budget. What might an economist advise the school to do?

• A) Leave tuition unchanged, as a change in tuition is unlikely to enhance the school's budget by increasing revenue.
• B) Decrease tuition because demand for courses is elastic.
• C) Decrease tuition in order to increase revenue by boosting enrolment.
• D) Increase tuition in order to increase revenue.

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Definitions:

Adolescence

A developmental phase following childhood, marked by significant physical, psychological, and emotional changes, typically occurring between the ages of 10 and 19.

Self-concept

The individual's perception, understanding, and evaluation of themselves, encompassing beliefs, feelings, and knowledge about one's own abilities and characteristics.

Self-expression

The act of conveying one's thoughts, feelings, and individuality through various forms such as art, writing, speech, or fashion.

Self-image

The mental conception one has about their abilities, appearance, and personality.