If Education R Us University thought that it faced an inelastic demand for the regular academic year but an elastic demand for summer school, and it wanted to increase its total tuition revenue, it would want to____ tuition in the regular academic year and ____ tuition for summer school
a. Increase; increase

b. Increase; decrease.
c. Decrease; increase.
d. Decrease, decrease.


b

Economics

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Betty and Veronica are playing Odds or Evens, where Betty is designated as the "odd" player and Veronica is designated as the "even" player. They decide to play the game 10 times

If Betty adopts a pure strategy of "shoot 1," what strategy should Veronica adopt to maximize her payoff?

Economics

The idea that consumers will not consistently discount the future over time is known as ________

A) intertemporal choice B) tertiary inversion C) hyperbolic discounting D) antediluvian Machiavellianism

Economics

Sam has $200 a month to spend on either tanning sessions or rounds of golf. Tanning sessions are $20 each, and a round of golf is $40. What can we say about Sam's utility?

A. Sam will get more utility from each round of golf than each tanning session. B. Sam will get the same utility from one round of golf as he would from two tanning sessions. C. Sam will maximize his utility from 2 rounds of golf and 6 tanning sessions. D. We cannot say anything about Sam's utility from the consumption of these goods without more information.

Economics

Two consequences of asymmetric information are adverse selection and moral hazard. An important distinction between the two is

A) adverse selection exists prior to the completion of a transaction while moral hazard occurs after the transaction is completed. B) moral hazard exists prior to the completion of a transaction while adverse selection occurs after the transaction is completed. C) adverse selection leads to an inefficient quantity while moral hazard leads to an efficient quantity. D) moral hazard leads to an inefficient quantity while adverse selection leads to an efficient quantity.

Economics