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The following data represents tuition increases for summer classes and the number of students enrolled in...

The following data represents tuition increases for summer classes and the number of students enrolled in the summer program.

Summer 2004: $175/credit, 371 students enrolled

Summer 2005: $350/credit, 336 students enrolled

1. Calculate the price elasticity of demand for summer enrollment.

2. Given the price elasticity of demand for summer enrollment (and assuming that elasticity has not changed), if the goal is to increase revenue should tuition be further increased, decreased, or not changed. Explain.

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