Swelling Textbook Costs Have College Students Saying “Pass" Textbook prices have doubled and risen faster than average prices for the past two decades. Sixty per- cent of students do not buy textbooks. Some stu- dents hunt for used copies and sell them back at the end of the semester; some buy online, which is often cheaper than the campus store; some use the library copy and wait till it's free; some share the book with a classmate. Source: Washington Post, January 23, 2006 Explain what this news clip implies about a. The price elasticity of demand for college text- books. b. The income elasticity of demand for college textbooks. c. The cross elasticity of demand for college text- books from the campus bookstore with respect to the online price of a textbook.
Swelling Textbook Costs Have College Students Saying “Pass" Textbook prices have doubled and risen faster than average prices for the past two decades. Sixty per- cent of students do not buy textbooks. Some stu- dents hunt for used copies and sell them back at the end of the semester; some buy online, which is often cheaper than the campus store; some use the library copy and wait till it's free; some share the book with a classmate. Source: Washington Post, January 23, 2006 Explain what this news clip implies about a. The price elasticity of demand for college text- books. b. The income elasticity of demand for college textbooks. c. The cross elasticity of demand for college text- books from the campus bookstore with respect to the online price of a textbook.
Principles of Microeconomics (MindTap Course List)
8th Edition
ISBN:9781305971493
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter7: Consumers, Producers, And The Efficiency Of Markets
Section: Chapter Questions
Problem 9PA
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. Swelling Textbook Costs Have College Students Saying “Pass”
Textbook prices have doubled and risen faster than average prices for the past two decades. Sixty per- cent of students do not buy textbooks. Some stu- dents hunt for used copies and sell them back at the end of the semester; some buy online, which is often cheaper than the campus store; some use the library copy and wait till it’s free; some share the book with a classmate.
Source: Washington Post, January 23, 2006 Explain what this news clip implies about
a. The price elasticity of demand for college text-
books.
b. The income elasticity of demand for college textbooks.
c. The cross elasticity of demand for college text- books from the campus bookstore with respect to the online price of a textbook.
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