A study of about 1 800 U S colleges and universities resulted in the demand equation q 9 600 2 4p where q is the enrollment at a

Question

A study of about 1 800 U S colleges and universities resulted in the demand equation q 9 600 2 4p 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 3 000 What is the corresponding price elasticity of demand Round your answers to two decimal places Is the price elastic or inelastic O elastic inelastic Should colleges charge more or less on average to maximize revenue O more less b Based on the study what would you advise a college to charge its students in order to maximize total revenue per student What would the revenue be

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