A study of about 1800 U.S. colleges and universities resulted in the demand equation
?
?
where q is the enrollment at a college or university and p is the average annual tuition (plus fees) it charges. The study also found that the average tuition charged by universities and colleges was $2,771. What is the corresponding elasticity of demand? Round your answer to the two decimal places.
?
A. 0.72
B. 2.40
C. -1.20
D. 1.80
E. 1.20
Answer: E
Mathematics
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