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What is the elasticity of demand for college education?

Economics
Tutor: None Selected Time limit: 0 Hours

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?

Mar 3rd, 2015

The price elasticity of demand is less than 1. This means a 1% price cut brings about a less than 1% increase in college enrollments. So total revenue of college decreases.

Mar 3rd, 2015

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