FOPIC /\\ 1. What is price elasticity of demand? Suppose the price elasticity of demand for used cars is estimated to be 3. What does this mean? Discuss. Dont simply give your answer 2. You are on a committee that is considering ways to raise tuition fees for your College. You would recommend increasing the price of tuition only if you thought the demand curve for tuition was: a. Inelastic b. Elastic c. Unitary elastic d. Perfectly elastic