A study of about 1,800 U.S. colleges and universities resulted in the demand equation q = 10,200 - 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 $2,700. What is the corresponding price elasticity of demand? (Round your answers to two decimal places.) 1.74 Is the price elastic or inelastic? 0 elastic O inelastic Should colleges charge more or less on average to maximize revenue? O more O less (b) Based on the study, what would you advise a college to charge its students in order to maximize total revenue? $ 2125 per student What would the revenue be? $