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When tuition (P) is $500 per credit hour, enrolment (Q) is 1000 student. When tuition is 400, Enrolment is 1300 student: Calculate the elasticity and tell whether it is elastic or not. To increase revenue, should tuition be increased or decreased?
Business Economics, Economics
In this question are you just using the empirical rule? You know that your population is normally distributed with a mean of 100 and a standard deviation of 15. Using the empirical rule as a rough approximation, what is ...
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A student raises her hand in class and states, "I can legally copy any DVD I get from Netflix because Netflix purchased the DVD and the copyright only applies to the company who purchased the product." Explain whether th ...
Why would the Australian government debt be consider not too high?
A country has a total of three cities and city A has a population of 550,000 and city B has a population of 200,000 and city C a population of 10,000. Sixty physicians in the country. The per capita demand for medical ca ...
Imagine you've started a new pizza restaurant. It costs you about $6 to produce a pizza. Last week you sold 500 pizzas for $12 each. This week you raised your price and sold 375 pizzas for $14 each. What price should you ...
In your opinion, if the government imposes unit sales tax (i.e. $ tax per unit sold) on a product, will the market equilibrium change? Which one, demand or supply will shift? Increase or decrease? Will new tax cause "dis ...
Event A occurs with probability 0.4. If events A and B are not disjoint, then a P(B) b P(B) ≥ 0.6. c P(B) > 0.6. d P(B) Step 1:You are tossing a balanced die that has probability of coming up 1 on each toss. Tosses are i ...
Assume that these data are seven random observations taken from a larger population whose values are normally distributed. (even if this assumption makes little sense) Using this assumption, coupled with prior computatio ...
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