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QUESTION
ExClusford, a small, liberal arts college, charges $100,000 a year for fees. They have approximately 1,000 students. With increasing costs, they...
ExClusford, a small, liberal arts college, charges $100,000 a year for fees. They have approximately 1,000 students. With increasing costs, they decide to raise their fees to $110,000. If they then have 908 students, what is their elasticity? Are they elastic or inelastic?
