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A college raises its annual tuition from $23,000 to $24,000, and its student enrollment falls from...

A college raises its annual tuition from $23,000 to $24,000, and its student enrollment falls from 4,877 to 4,705.

Compute the price elasticity of demand. (Would demand be elastic or inelastic?)

a. 0.84

b. 1.25

c. 0.56

d. 2.34

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