See below Enrollment data ; in it you will see historical information on ASU undergraduate enrollment, total credit hour production, and (12-hour, undergraduate) tuition and fees.

Year	undergrad enrollment	total ASU credit hour production	undergrad tuition and fees
2003	3,655	101352	1442
2004	3,910	101868	1545
2005	3,940	100181	1621
2006	3,594	92486	1667
2007	3,556	92123	1667
2008	3,903	94639	1751
2009	4,220	101972	1867
2010	4,058	98137	2062
2011	4,134	98372	2247
2012	4,124	93163	2472
2013	3,674	85292	2803
2014	3,202	87907	3084
2015	2,775	91021	3355
2016	2,587	94077	3417
2017	2,638	115340	3417
2018	2,511	137467	3663
2019	2,577	165057	3663
2020	2,553	191712	3663
2021	2,477	173910	3663

Calculate annual elasticities for both types of quantity variables (i.e., you will have an elasticity of price vs. headcount, and one of price vs. credit hour).You will get an error message in your calculations when the tuition doesn't change (like in 2006-2007), since the elasticity calculation will be trying to divide by zero; just delete those error values in your Excel table so that the cells are blank. The first headcount elasticity will be calculated based on the 2003 and 2004 values of tuition and headcount and should be about 0.978; the first credit hour elasticity will also be based on the 2003 and 2004 values and should be about 0.074 (yes; they are both positive). a. Calculate annual elasticities for both types of quantity variables (i.e. you will have an elasticity of price vs headcount, and one of price vs. credit hour) include whether or not elastic or inelastic and why in the chart. b. Calculate the average annual elasticity for headcount (from 2003-2021)? What would demand in terms of headcount be considered and why? c. Calculate the average annual elasticity for credit hour (from 2003-2021). What would demand in terms of credit hour be considered and why? Is this unexpected? d. Many administrators argue that, to increase revenue to ASUS to cover budget shortfalls, tuition should be raised. Comment on this suggestion, using the evidence youve uncovered regarding tuition, credit hours, and fees with regard to revenue. What does the credit hour elasticity estimate suggest?