solve the given image ECONOMICS IN PRACTICEBrexit and EU Student Enrolment in the United KingdomThe United Kingdom is one of the top destinationsfor students from across Europe and the world. Notonly does it attract the most talented foreign students,they also provide the diversity that is highly desirablefor any academic institution. During the academic year2016-2017, foreign students enrolled in British uni-versities comprised 19 percent of total enrolment, outof which European Union (EU) students made up foraround 6 percent.!During the United Kingdom's membership of theEU, British universities had been offering EU studentssubsidized schooling fees as well as government-backedloans to cover tuition fees. However, after the Brexit voteof June 2016, it is unclear how EU students are expected torespond to the imminent decrease in tuition support inthe United Kingdom. The British Higher Education Policy constant. This may not be very accurate because there areInstitute commissioned an economic modelling study (based some other factors that could determine the demand foron historical data from 2003-04 to 2014-15) to gauge and higher education in the United Kingdom.predict the level of responsiveness (elasticity) of EU students'demand for UK higher education.The results reveal that in the instance of removing tuition CRITICAL THINKINGfee support to undergraduate EU students, the elasticity of de-mand would be negative. A 1 percent increase in the tuitionfees would reduce the level of enrolment by 0.21 percent,i.e., the elasticity would be -0.21. In terms of financial revenue,this is expected to reduce institutional income by an estimated£24.0 million per annum.?The study cautions that measuring the elasticity of en-rolment rests on the assumption that all other factors remain1. What other factors do you think can impact thedecision of EU students of whether or not to applyto universities in the United Kingdom?'U.K. Council for International Student Affairs, 2018. "International StudentStatistics: UK Higher Education," April.2London Economics, 2017. "The Determinants of International Demand for UKHigher Education," January.

Answered: What other factors do you think can…

What other factors do you think can impact the decision of EU students of whether or not to apply EO universities in the United Kingdom?

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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