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If Stimpson University increases tuition in order to increase its revenue, it will:
a. be successful if demand is elastic.
b. not be successful if the demand curve slopes downward.
c. be successful if demand is inelastic.
d. be successful if supply is lastic.

Ask by Lane Burton. in the United States
Jan 24,2025

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If Stimpson University increases tuition, it will successfully increase revenue if demand is inelastic.

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If Stimpson University increases tuition, it will likely be successful if demand is inelastic. Inelastic demand means that students’ enrollment will not significantly drop despite higher tuition, allowing the university to boost its revenue. Think of it this way: when the desire to attend a specific school is strong enough, students will find a way to pay, even if tuition rises!
On the other hand, if the demand were elastic, an increase in tuition could lead to a significant drop in student enrollment, ultimately decreasing revenue. In such cases, students may look for alternative institutions that offer similar quality education at a lower price. It’s all about striking that delicate balance between price and demand!

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