A major state university in the South recently raised tuition by 12%.An economics professor at this university asked his students, "How many of you will transfer to another university because of the increase in tuition?" One student out of about 300 said that he or she would transfer.Based on this information, the price elasticity of demand for education at this university is:
A.1.
B.highly elastic.
C.highly inelastic.
D.0.

Question

Quizplus · Accepted Answer

The Answer of A major state university in the South recently raised tuition by 12%.An economics professor at this university asked his students, "How many of you will transfer to another university because of the increase in tuition?" One student out of about 300 said that he or she would transfer.Based on this information, the price elasticity of demand for education at this university is:
A.1.
B.highly elastic.
C.highly inelastic.
D.0.

A Major State University in the South Recently Raised Tuition