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Scalia Law School conducts a survey of graduating law students in order to study whether a tuition increase would be profitable. The survey results indicate
Scalia Law School conducts a survey of graduating law students in order to study whether a tuition increase would be profitable. The survey results indicate that a 5% increase in tuition would lead to a 2% decrease in enrollment. If Scalia Law School wants to increase its total revenue, it should ________ tuition because the demand for Law School enrollment is ______. a. Increase; inelastic b. Increase; elastic c. Decrease; elastic d. Decrease; inelastic e. None of the above
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