(a). Suppose that the Bangladesh government has set a price ceiling on the per credit tuition fees

of the private universities in the country. Now illustrate with graphical representation how this control

mechanism will impact on the private education market in the country.

Q5 (b). The demand schedule of a typical buyer for a particular product is as follows:

Unit Price (BDT) Qty. Demanded Income is BDT 50,000 Qty. Demanded Income is BDT 60,000

20 24 34

40 20 30

60 16 26

What is the income elasticity of demand for the product when per unit price is BDT 40? What type of

good is it?