A study of about $1,800$ U$.$S$.$ colleges and universities resulted in the demand equation

q $=9,5001\mathrm{.}9$p$,$

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 $$2,800.$ What is the corresponding price elasticity of demand? $($Round your answers to two decimal places.$)$

$1\mathrm{.}27$

Correct: Your answer is correct.

Is the price elastic or inelastic?

elastic

inelastic

Correct: Your answer is correct.

Should colleges charge more or less on average to maximize revenue?

more

less

Correct: Your answer is correct.

$($b$)$ Based on the study, what would you advise a college to charge its students in order to maximize total revenue?

$

$2,500$

Correct: Your answer is correct.

per student

What would the revenue be$?$

$

$225625\mathrm{.}00$

Incorrect: Your answer is incorrect.

$4.$

$[0/9$ Points$]$

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