Suppose a University Raises Its Tuition by 8 Percent and as a Result

question 94

Multiple Choice

Suppose a university raises its tuition by 8 percent and as a result the enrollment of students drops by 4 percent.The price elasticity of demand is closest to:

• A) 8.0.
• B) 4.0.
• C) 2.0.
• D) 0.

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Definitions:

Short-term Memory

The capacity for holding a small amount of information in mind in an active, readily available state for a short period of time.

Consolidated Memory

A process by which short-term memories are transformed into long-term memories, making them stable and less susceptible to disruption.

Episodic Memory

The type of declarative memory that records events as they have been subjectively experienced.

Chunking

A memory technique that involves grouping individual pieces of information into larger units to improve recall.