Why the tuition increases impact on universities revenue

Reference no: EM13237930

Washburn University increased tuition 3o/o in order to have more revenue to cover its increasing costs. Answer the following questions on the impact the tuition increase will have on washburn's revenue (You may use the back of this page if you need more space)

a. Briefly explain why the price elasticity of demand for a Washburn education influences the tuition increase's impact on the university's revenue.

b.Briefly explain why the price elasticity of demand for a Washburn education may be more elastic over the long-term versus the short term.

c. Briefly explain why the tuition increase's impact on universities revenue would be different if Washburn's 3o4 increase coincided with a 3olo increase at all other universities versus if Washburn's 3%o increase coincided with other universities keeping their tuitionunchanged.

Reference no: EM13237930

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