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Problem set 1 noted that top-ranked colleges (e.g., the Ivy League) charge very high prices. Many less- selective four-year schools charge much lower tuition. Do

Problem set 1 noted that top-ranked colleges (e.g., the Ivy League) charge very high prices. Many less- selective four-year schools charge much lower tuition. Do you think the elasticity of demand schools face helps explain this outcome? Discuss briefly. If you wish, mention behavior you have observed.

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