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Eco 204 Week 3 Assignment Quoting

NSU ……………………………………………………………………………………………… ……………………………… 2 Within the past five years, tuition and fees have increased tremendously. “ In Arizona, for example, parents have seen a 77 percent increase in costs. In Georgia, it's 75 percent, and in Washington State, 70 percent. Even in Oklahoma, where tuition increases have been among the lowest in the nation, parents are dismayed” (Sanchez, 2014). So does an increase in tuition and fees raise revenue? In my opinion, yes it does. “Despite this decline in affordability, Americans, particularly those from middle- and high-income families, continue to attend college in record numbers” (HigherEducation). Now a day, having only a high school diploma is not enough. I know this from experience and it is one of the reasons I decided to go back to school. Although tuition is rising, more and more people will continue to attend college because of the possibility of earning back what they pay to get an education through employment. There is a higher chance that you will get that dream job with a college education than not having a degree. Price elasticity of demand is the determining factor in whether or not the raising of tuition would increase or decrease revenue at Nobody State University (NSU). Would the rise in tuition cause revenue to increase, decrease, or remain the same? This factor is decided by whether the demand is elastic, inelastic, or unitary. Elastic is defined as a “measure of the relationship between a change in the quantity demanded of a particular good and a change in its price”

Unformatted text preview: tables could use more space than is readily available. In a long run scenario, square footage would be beneficial, because this would allow more space for customers and even eliminate overcrowding. Having more space for numerous customers will allow the higher margin of income. In order to differentiate between short and long runs, the restaurant owners have to observe the different variables. Since the building size cannot be altered in short runs, the use of picnic and card tables can be used to please the customers. The unfortunate factor of a short run is that overcrowding will become an issue so the restaurant owner must look at the long run option. The only way for a long run to be beneficial will be more space, whether it come from buying a new restaurant or making additional space. Resources Amacher, R., & Pate, J. (2013). Principles of Microeconomics. San Diego: Bridgepoint Education, Inc....
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