1. Suppose the price elasticity of demand for Valencia face-to-face and online classes is 3.83 and .72 respectively in the fall of 2021. This means Valencia should:

1. Lower tuition this fall for live classes and raise tuition for online classes.
2. Lower tuition for online and face-to-face classes.
3. Lower tuition for live classes and leave tuition unchanged for online classes.
4. Raise tuition by a small amount for live classes and substantially for online classes.