Question
(Microeconomics question topic on Supply and demand curves) QUESTION : Over the last decade, tuition fees (price) at XYZ University have increased by 30% but
(Microeconomics question topic on Supply and demand curves)
QUESTION :
Over the last decade, tuition fees (price) at XYZ University have increased by 30% but at the same time, the number of students enrolled (quantity) has increased significantly from 10,000 to over 20,000.
a) Does this show that the Law of Demand is false? Explain why or why not.Use relevant graphs in your explanation.(Hint: consider changes in relevant factors you have learnt in the lesson)
b) Due to the Covid pandemic, Home-based Learning is expected to be the norm in future.How would you expect university fees to change?Explain clearly using relevant graphs.
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