Would you expect the own-price elasticity of demand to be higher for financial-aid students or for non-aid students (and does it depend on whether "own price" is gross tuition or net tuition?)? Why? What about the income elasticity
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- Is elasticity important in the analysis of the market? Why?College tuition has been rising at a faster rate than average prices for decades. Assess how the characteristics of the market for higher education have affected tuition. Your essay should address all of the following: Do you believe that the price elasticity of demand for college is elastic or inelastic? Discuss the factors that support your position. Do you believe that the price elasticity of supply for college is elastic or inelastic? Discuss the factors that support your position. What has happened to the demand for college over the last 20 years? Explain what resulted in this change. Does your previous answer regarding the price elasticity of supply help explain why tuition has risen so quickly? Explain your reasoning. Per-student, real government funding of higher education is lower now than it was in 2000. How would this reduced funding affect the supply of higher education? Explain. Does your previous answer regarding the price elasticity of demand help explain why tuition…Price elasticity of demand estimates come up often when taxes are being placed on goods. Why do you think knowing the price elasticity of demand is important for policy? Despite large taxes on cigarettes (and the predicted decrease in consumption), the tobacco industry has seen steadily rising profits. What can explain this? What do you think would happen to the price elasticity of demand as e-cigarettes become more popular and available?
- Beginning with the Fall 2018 semester, three North Carolina universities (UNC Pembroke, Western Carolina University, and Elizabeth City State University) reduced their tuition. After the Fall semester had begun, each of these universities announced that they had experienced a large increase in enrollment. a. Explain what these facts tell us about the price elasticity of demand for education at these universities. b. Use your answer to part a. of this question to explain whether reducing tuition would lead to an increase, a decrease, or no change in the amount of revenue received by the universities.What are the conditioning factors of elasticity?Suppose the price elasticity of demand for used cars is estimated to be 3. What does this mean? What will be the effect on the quantity demanded for used cars if the price rises by 10 percent?
- Use the following demand function to answer questions 3-4. Show all your work to receive full credit. Qpork= 5.2 – 1.47Ppork + 1.82Peef + 0.18Pchicken + 0.38/ Calculate the cross-price elasticity of pork demand with respect to beef if the price of pork is $3.78/lb., the price of beef is $6.15/1b., the price of chicken is $1.90/lb., disposable income is $48000 per capita, and the total quantity demanded of pork is 52 lbs. per capita. If the price of beef increases by 12%, how much would you expect the quantity demanded of pork to change (in lbs.)?Elasticity is the ratio of one percentage change to another percentage change. Why would we use percentage changes rather than nominal changes? Explain.Beginning with the Fall 2018 semester, three North Carolina universities (UNC Pembroke, Western Carolina University, and Elizabeth City State University) reduced their tuition. After the Fall semester had begun, each of these universities announced that they had experienced a large increase in enrollment. Explain what these facts tell us about the price elasticity of demand for education at these universities. Use your answer to part a. of this question to explain whether reducing tuition would lead to an increase, a decrease, or no change in the amount of revenue received by the universities.
- The formula for price elasticity of demand almost looks an average rate of change, the change in demand for a change in price, except that we're using percent change. With average rate of change, the order of the two points doesn't matter, as long as it is consistent. But with percent change, the order of points can matter, because we divide the change by the original quantity. For example, we looked at changes from 50 to 75 cents, so we divided by 50 cents. If we want to consider a price reduction from 75 cents to 50 cents, we would divide by 75 cents. Would the price elasticity of demand be the same? That's what you'll explore now. The formula would change to: (а — 2) / (p1 — рә) 92 P2 Using the two data points here, compute elasticity for Boston using the formula relative to the second point. Round your answer to the nearest hundredth. Boston Subway Fare Annual Ridership (in millions) Year 1980 0.50 158 1981 0.75 143"If the government wishes to tax certain goods, it should tax goods that have inelastic rather than elastic demand". What is the rationale for this statement?Discuss how may the concept of elasticities affect our country’s preference for commercial spaces and malls versus public parks and playgrounds. How does this choice impact the richness of our civic lives? Answer the question using 100-150 words only.
