This is one question since you have to know answers accumulatively. The University of the Pacific...

This is one question since you have to know answers accumulatively.

The University of the Pacific Northwest increases tuition cost from $12,700 to $13,335 and finds enrollment has drop by 3%. At the same time the University of the Pacific Northwest increased tuition, Portland Upstate a university located 75 miles to the east found that their enrollment increased from 5,652 to 7,072 students. (for full credit show your calculations,

a) Calculate the price elasticity of demand for University of the Pacific Northwest _______________

b) The University of the Pacific Northwest will find total revenue has increased or decreased ____________

c) Calculate the cross price elasticity for the increase in tuition at the University of the Pacific and the increase in enrollment at Portland Upstate ___________

d) Are the two Universities substitutes or complements ____________

Expert Solution

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Rahul Sunny answered 2 years ago

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