Answered: Suppose a college decide to raise the…

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Elastic And Its Application

Section: Chapter Questions

Problem 7PA: Suppose that your demand schedule for pizza is as follows: a. Use the midpoint method to calculate...

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Suppose a college decide to raise the tuition fee from Rs.3, 000 per month to Rs.4, 000 of MBA level students. The number of students getting admission is 500. The price elasticity of demand for the students is 0.2.

a)Find out the number of students getting admission after increase in tuition fee.

b)Find out the total revenue before and after the increase in tuition fee.

c)Explain whether the increase in tuition fee is wise decision or not on the basis of total revenue.

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