apter 6

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Jonathan Granados

09/22/231:50 PM

Question 5, Concept: Midpoint Formula 5

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HW Score: 97.84%, 33.27 of 34 points

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In fall 2006, Pace University in New York raised its annual tuition from $24,750 to $29,600. Freshman enrollment declined from 1,450 in fall 2005 to 1,100 in fall 2006. Assuming that the demand curve for places in the freshmen class at Pace did not shift between 2005 and 2006, use this information to calculate the price elasticity of demand. Use the midpoint formula in your calculation.

Source: Karen W. Arenson, "At Universities, Plum Post at Top Is Now Shaky," New York Times, January 9, 2007.

The price elasticity of demand for Pace University for the fall of 2006 is

In fal 2006. Pace Unversity in New York rased is annual tuition from $24,750 10 $29,600. Freshman errolment decined from 1,450 in fall 2005 to 1,100 in fall 2006 . Assuming that the demand curve for places in the freshmen class at Pace did not shith between 2005 and 2006 , wis this informaton to calculate the prich olsstioty of demand. Use the midpoint formula in your calculason. Source: Karen W. Arenson, "At Universities, Plum Post at Top is Now Shaky." New York Tmes, January 9, 2007. The proe elasticity of demand foe Pace Unversity for the fall of 2006 is pent include the negative sign and enter your rosponse rounded fo ho decimal places)