What is the elasticity of demand/ type of demand?

Mar 3rd, 2015
Price: $5 USD

Question description

a decrease in tuition fees will decrease  your college's total revenue if the price elasticity of demand for college education is, greater than 1, greater than zero and less than 1, negative, or equal to 1?


The closer the substitutes for a good/service, the more __________ is demand. 

The greater the proportion of income spent on a good, the more ________ is demand.

The longer the time that has elapsed since a price change, the more _________ is demand.

The options are inelastic and elastic. 

Tutor Answer

(Top Tutor) Alex T
School: Purdue University

Studypool has helped 1,244,100 students

Review from student
" Totally impressed with results!! :-) "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1821 tutors are online

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors