BUSINESS HIGH SCHOOL

Facing stiff competition, Hendrix College, a small liberal arts institution in Conway, Ark., decided two years ago to bolster its academic offerings, promising students at least three hands-on experiences outside the classroom, including research, internships and service projects. Although it raised tuition and fees by 29 percent, enrollment in the freshman class rose by 37 percent. (Source: Jonathan D. Glater and Alan Finder, "In New Twist on Tuition Game, Popularity Rises With the Price," New York Times, December 12, 2006) Based on the information above, the demand for Hendrix College education is

Answers

Answer 1
Answer:

Answer:

Inelastic

Explanation:

Price elasticity of demand (PED) is the proportional change in quantity demanded of a good or service if the price changes by 1%. The PED is calculated by dividing the percentage change in quantity demanded by the negative percentage change in price.

PED = 37% / -25% = -1.48 inelastic

If PED > 1, elastic demand

If PED < 1, inelastic demand

If PED = 1, unitary demand
Answer 2
Answer:

Final answer:

The demand for education at Hendrix College is price inelastic, as evidenced by the increase in enrollment despite a substantial rise in tuition and fees.

Explanation:

Based on the information provided, the demand for education at Hendrix College can be characterized as price inelastic. Price elasticity of demand refers to the change in demand for a product or service when its price changes. In this case, despite a significant increase in tuition and fees by 29 percent, the number of incoming freshman increased by 37 percent, indicating that the demand is inelastic. This means that students are willing to pay more for the education provided due to the perceived value, which could be attributed to the promise of hands-on experiences including internships, research, and service projects that the college offers.

Learn more about Price Elasticity of Demand here:

brainly.com/question/31293339

#SPJ12

Related Questions

Which of the following is not a valid FICO credit score?A. 475 B. 375 C. 275 D. 575
The largest number of interest groups is based on A. local community interests. B. educational interests. C. economic interests. D. citizenship interests.
Why is the slow growth that can result from a contractionary policy a positive effect
Christine and Paul are deciding how to split their time between writing music and lyrics for their new album. Their PPFs for 72 h of work are shown. Christine and Paul have to write music for 8 songs and lyrics for 12 songs (4 songs already have music). When they are done, they can go to a private island and relax from all their hard work. It is possible that they will use more than 72 h.Once they start writing lyrics and music, assuming their hired help packs for them and their plane is waiting outside their door, in how many hours can they board the plane to their relaxing island getaway?
Which of the following is a true statement?a) Government regulators agree that all mergers are beneficial to consumers.b) Government regulators agree that few mergers are beneficial to consumers.c) The government approves most proposed mergers.d) The government disapproves most proposed mergers.

Which one of the following should be your primary concern when creating an arrangement with informal balance? A. Arrange furniture and other objects so that you have no centerline. B. Balance all the items around a central pivot point. C. Make certain that no two identical objects are placed on opposite sides of the centerline. D. Place those items with the greatest visual weight nearest the centerline.

Answers

B.Balance all the items around a central pivot point.

The idea that "the invisible hand" of competition sets prices and determines quantities produced in a market economy was the principle idea of?

Answers

Adam Smith in his book 'Wealth of Nations'

Items of value owned by a business are known as which of the following?

Answers

Answer:

Explanation:

Assets

Abby Cleaning Services planned to provide cleaning services to 50 customers for $30 per hour during the month. Each job was expected to take 4 hours. The company actually served 5 less customers than expected and spent an average on each job of 4.5 hours. What is Abby Cleaning Services Revenue for the month?

Answers

Answer:

The Abby Cleaning Services Revenue for the month is $6,075 i.e $75 more than the expected.

Explanation:

Given:

Planned number of customers = 50

Charges = $30 per hour

Expected time taken = 4 hours

Therefore,

The expected revenue = 50 × $30 × 4 = $6,000

Actual number of customers served = 50 - 5 = 45

Actual time time taken = 4.5 hours

Actual revenue = 45 × $30 × 4.5 = $6,075

Hence,

the Abby Cleaning Services Revenue for the month is $6,075 i.e $75 more than the expected.

How is a line of credit similar to a credit card

Answers

Line of Credit is somehow the same to a credit card.
Line of credit is a credit given by a certain company to you to use in a particular goods or services. For example in the casino, a company will give you a line of credits to use for casino only. Unlike credit card which can be used anywhere as form of payment.

Kiddy Toys produced beautifully made stuffed animals that many customers wanted. However, the product was so expensive that most potential customers could not afford it. Which of the following applies to this scenario?Multiple Choicea. high efficiency and high effectiveness
b. high efficiency and low effectiveness
c. low efficiency and high effectiveness
d. low efficiency and low effectiveness

Answers

Answer:

The answer is: C) Low efficiency and high effectiveness.

Explanation:

The company Kiddy Toys made a great product (High effectivness) but they couldn´t produce it a reasonable cost, so it was very expensive to sell (Low efficiency). As a result they had a great toy that very few customers could afford to buy.

Sometimes a company is able to manufacture a great product, they had a terrific idea that lots of people will like and want. The problem is that if they can not manufacture that product at a low cost then they will never have high sales volumes. This is the very exact reason why most toys nowadays are created in the US but mass produced in China.  
Other Questions
A decline in the number of _______ jobs has helped create conditions leading to an increase in the number of high-poverty communities during the past few decades.
Which of the following types of business ownership has the highest personal liability risk? A. A partnership B. A sole proprietorship C. AC corporation D. An LLC Please select the best answer from the choices provided.​
Examine the methods that FNB can use to compete with other banks
o decide whether or not to buy a season ski pass. A daily pass costs ​$80. A season ski pass costs ​$450. The skier would have to rent skis with either pass for ​$25 per day. How many days would the skier have to go skiing in order to make the season pass less expensive than the daily​ passes?