Elizabeth Savoca estimated that for every 1 percent increase in tuition costs at a college, 2.4 percent fewer students applied to that college. This indicates that the elasticity of applying to college is:

Question

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The elasticity of applying to college is elastic because the percentage change in the quantity of students applying (2.4%) is greater than the percentage change in tuition costs (1%).

Elizabeth Savoca Estimated That for Every 1 Percent Increase in Tuition