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Dimas [21]
3 years ago
9

A study of about 1,800 U.S. colleges and universities resulted in the demand equation q = 9,900 − 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 $2,700. What is the corresponding price elasticity of demand? (Round your answers to two decimal places.)
Business
1 answer:
Ratling [72]3 years ago
7 0

Answer:

The corresponding price elasticity of demand is -2.00.

Explanation:

The price elasticity of demand is obtained by differentiating the demand equation with respect to the average annual tuition fees (p).

The demand equation is q = 9,900 - 2p

Differentiating q with respect to p

dq/dp = -2 (differentiation of a constant is 0)

Therefore, the price elasticity of demand is -2.00.

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