{"id":9659,"date":"2022-04-13T23:32:18","date_gmt":"2022-04-13T23:32:18","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/?post_type=chapter&p=9659"},"modified":"2024-09-11T16:43:30","modified_gmt":"2024-09-11T16:43:30","slug":"module-5-assignment-elasticity-and-tuition","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/chapter\/module-5-assignment-elasticity-and-tuition\/","title":{"raw":"Module 5 Assignment: Elasticity and Tuition","rendered":"Module 5 Assignment: Elasticity and Tuition"},"content":{"raw":"Part 1<\/strong>: Imagine that tuition for your schooling has increased by 20%. How do you think this will affect demand and consumer behavior? Why? How would you describe the elasticity of your tuition? Explain.\r\n\r\nPart 2<\/strong>: Imagine that there are currently 10,000 students enrolled at your institution. The school decides to increase tuition, and enrollment falls to 9,000. Tuition started at $4,000 per semester but has since gone up to $4,800. What is the elasticity of demand?\r\n\r\nPart 3:\u00a0<\/strong>How will this impact total revenue for your institution? What inferences can you make from this information?\r\n

Rubric<\/h2>\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n
Criteria<\/strong><\/td>\r\nNot Evident<\/strong><\/td>\r\nDeveloping<\/strong><\/td>\r\nProficient<\/strong><\/td>\r\nDistinguished<\/strong><\/td>\r\nWeight<\/strong><\/td>\r\n<\/tr>\r\n
Describe the elasticity of tuition.<\/td>\r\n<\/td>\r\n<\/td>\r\n<\/td>\r\n<\/td>\r\n5<\/td>\r\n<\/tr>\r\n
Explain how an increase in tuition will impact demand and consumer behavior.<\/td>\r\n<\/td>\r\n<\/td>\r\n<\/td>\r\n<\/td>\r\n5<\/td>\r\n<\/tr>\r\n
Solve for the elasticity of demand<\/td>\r\n<\/td>\r\n<\/td>\r\n<\/td>\r\n<\/td>\r\n5<\/td>\r\n<\/tr>\r\n
Explain the impact of the tuition increase on total revenue<\/td>\r\n<\/td>\r\n<\/td>\r\n<\/td>\r\n<\/td>\r\n5<\/td>\r\n<\/tr>\r\n
<\/td>\r\n<\/td>\r\n<\/td>\r\n<\/td>\r\nTotal:<\/td>\r\n__\/20<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>","rendered":"

Part 1<\/strong>: Imagine that tuition for your schooling has increased by 20%. How do you think this will affect demand and consumer behavior? Why? How would you describe the elasticity of your tuition? Explain.<\/p>\n

Part 2<\/strong>: Imagine that there are currently 10,000 students enrolled at your institution. The school decides to increase tuition, and enrollment falls to 9,000. Tuition started at $4,000 per semester but has since gone up to $4,800. What is the elasticity of demand?<\/p>\n

Part 3:\u00a0<\/strong>How will this impact total revenue for your institution? What inferences can you make from this information?<\/p>\n

Rubric<\/h2>\n\n\n\n\n\n\n\n\n
Criteria<\/strong><\/td>\nNot Evident<\/strong><\/td>\nDeveloping<\/strong><\/td>\nProficient<\/strong><\/td>\nDistinguished<\/strong><\/td>\nWeight<\/strong><\/td>\n<\/tr>\n
Describe the elasticity of tuition.<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n5<\/td>\n<\/tr>\n
Explain how an increase in tuition will impact demand and consumer behavior.<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n5<\/td>\n<\/tr>\n
Solve for the elasticity of demand<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n5<\/td>\n<\/tr>\n
Explain the impact of the tuition increase on total revenue<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n5<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\nTotal:<\/td>\n__\/20<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\t\t\t
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Candela Citations<\/h3>\n\t\t\t\t\t
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