Homework Help is Here – Start Your Trial Now!
Math
Calculus
A study of about 1,800 U.S. colleges and universities resulted in the demand equation q = 10,000 - 2p, where q is the enrollment at a college or university, and p is the average annual tuition (plus fees) it charges. (a) The study also found that the average tuition charged by universities and colleges was $3,100. What is the corresponding price elasticity of demand? (Round your answers to two decimal places.) Is the price elastic or inelastic? O elastic O inelastic Should colleges charge more or less on average to maximize revenue? O more O less (b) Based on the study, what would you advise a college to charge its students in order to maximize total revenue? 2$ per student What would the revenue be? 2$

A study of about 1,800 U.S. colleges and universities resulted in the demand equation q = 10,000 - 2p, where q is the enrollment at a college or university, and p is the average annual tuition (plus fees) it charges. (a) The study also found that the average tuition charged by universities and colleges was $3,100. What is the corresponding price elasticity of demand? (Round your answers to two decimal places.) Is the price elastic or inelastic? O elastic O inelastic Should colleges charge more or less on average to maximize revenue? O more O less (b) Based on the study, what would you advise a college to charge its students in order to maximize total revenue? 2$ per student What would the revenue be? 2$

Calculus: Early Transcendentals
Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
See similar textbooks
icon
Related questions
Question
A study of about 1,800 U.S. colleges and universities resulted in the demand equation 
q = 10,000 − 2p,
 where q is the enrollment at a college or university, and p is the average annual tuition (plus fees) it charges.
(a)
The study also found that the average tuition charged by universities and colleges was $3,100. What is the corresponding price elasticity of demand? (Round your answers to two decimal places.)
 
Is the price elastic or inelastic?
elasticinelastic    
Should colleges charge more or less on average to maximize revenue?
moreless    
(b)
Based on the study, what would you advise a college to charge its students in order to maximize total revenue?
$  per student
What would the revenue be?
$ 
A study of about 1,800 U.S. colleges and universities resulted in the demand equation q = 10,000 – 2p, where q is the enrollment at a college or university, and p is the average annual tuition (plus fees) it charges. (a) The study also found that the average tuition charged by universities and colleges was $3,100. What is the corresponding price elasticity of demand? (Round your answers to two decimal places.) Is the price elastic or inelastic? O elastic O inelastic Should colleges charge more or less on average to maximize revenue? O more O less (b) Based on the study, what would you advise a college to charge its students in order to maximize total revenue? $ per student What would the revenue be? $
Transcribed Image Text:A study of about 1,800 U.S. colleges and universities resulted in the demand equation q = 10,000 – 2p, where q is the enrollment at a college or university, and p is the average annual tuition (plus fees) it charges. (a) The study also found that the average tuition charged by universities and colleges was $3,100. What is the corresponding price elasticity of demand? (Round your answers to two decimal places.) Is the price elastic or inelastic? O elastic O inelastic Should colleges charge more or less on average to maximize revenue? O more O less (b) Based on the study, what would you advise a college to charge its students in order to maximize total revenue? $ per student What would the revenue be? $
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
Calculus: Early Transcendentals
Calculus: Early Transcendentals
Calculus
ISBN:
9781285741550
Author:
James Stewart
Publisher:
Cengage Learning
Thomas' Calculus (14th Edition)
Thomas' Calculus (14th Edition)
Calculus
ISBN:
9780134438986
Author:
Joel R. Hass, Christopher E. Heil, Maurice D. Weir
Publisher:
PEARSON
Calculus: Early Transcendentals (3rd Edition)
Calculus: Early Transcendentals (3rd Edition)
Calculus
ISBN:
9780134763644
Author:
William L. Briggs, Lyle Cochran, Bernard Gillett, Eric Schulz
Publisher:
PEARSON
Calculus: Early Transcendentals
Calculus: Early Transcendentals
Calculus
ISBN:
9781319050740
Author:
Jon Rogawski, Colin Adams, Robert Franzosa
Publisher:
W. H. Freeman
Precalculus
Precalculus
Calculus
ISBN:
9780135189405
Author:
Michael Sullivan
Publisher:
PEARSON
Calculus: Early Transcendental Functions
Calculus: Early Transcendental Functions
Calculus
ISBN:
9781337552516
Author:
Ron Larson, Bruce H. Edwards
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS