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Economics
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27 Jun 2018

40) Suppose that Simon Fraser University decides to raise tuition fees to increase the total revenue it receives from students. This policy works only if the demand for a Simon Fraser University education is A) greater than the demand for a University of Western Ontario education. B) perfectly elastic. C) inelastic. D) unit elastic. E) elastic.

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Keith Leannon
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27 Jun 2018
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Related questions

1. The concept of price elasticity of demand measures:

a. the slope of the demand curve.

b. the number of buyers in a market.

c. the extent to which the demand curve shifts as the result of a price decline.

d. the sensitiveness of quantities demanded to price changes.

2. When the percentage change in price is less than the resulting percentage change in quantity demanded:

a. demand is elastic.

b. demand is inelastic.

c. demand is unit elastic.

d. none of the above.

3. The elasticity of demand:

a. will be the same at each price-quantity combination on a stable demand curve.

b. tends to be elastic in high-price ranges and inelastic in low-price ranges.

c. tends to be inelastic in high-price ranges and elastic in low-price ranges.

d. is infinitely large for a perfectly inelastic demand curve.

4. Suppose that as the price of Y falls from $2.00 to $1.80 the quantity of Y demanded increases from 110 to 121. It can be concluded that the price elasticity of demand is: _______.

5. Total revenue rises as the price of a good increases if price elasticity of demand is:

a. unitary elastic

b. perfectly inelastic.

6. The demand for such products as salt, bread, and electricity tend to be:

a. relatively price elastic.

b. relatively price inelastic.

c. of unit price elasticity.

d. perfectly price elastic.

Please follow directions: Don't simply give your answer. Use grading rubrics: a. Define the term b. Offer an example c. Next, explain. Have you answered the questions d. Try to relate the concept to previous work/assignment(s)

1. What is meant by "price elasticity" of demand? Suppose the price elasticity of demand for used cars is estimated to be

2. What does this mean in term of responsiveness of demand? Discuss

3. You are on the Community College Board with the responsibility to raise annual tuition fees for the College. You would recommend a decrease in the annual tuition fees only if you thought the demand curve for the College was:

a. Inelastic

b. Elastic

c. Unitary elastic

d. Perfectly elastic Discuss.

Don't simply give your answer. Use grading rubrics: a. Define the term b. Offer an example c. Next, explain. Have you answered the questions d. Try to relate the concept to previous work/assignment(s)

1. What is meant by "price elasticity" of demand? Suppose the price elasticity of demand for used cars is estimated to be 1.5. What does this mean in term of responsiveness of demand? Discuss

Discuss. Don't simply give your answer.

Use grading rubrics:

a. Define the term

b. Offer an example

c. Next, explain

d. Try to relate the concept to previous work/assignment(s)

2. You are on the Board of Bronx Museum with the responsibility to raise admission fees for the Museum. You would recommend increasing the admission price only if you thought the demand curve for the Bronx Museum was:

a. Inelastic

b. Elastic

c. Unitary elastic

d. Perfectly elastic

Discuss. Don't simply give your answer. Defend your choice from the perspective of a Manager.

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