About the education business

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Education is a funny business. Schools usually charge the same tuition for all 3 credit classes even though some class times are much more popular than others. At WCC for instance, 11:00 a.m. classes are much more popular than 9:00 a.m. classes. Let’s suppose that WCC sets its tuition rates so that all of the seats in the 11:00 a.m. classes are just filled. In one graph, illustrate what the market for 11:00 a.m. classes looks like at this tuition rate. In a separate graph, show what the market for 9:00 a.m. classes at WCC will look like if the college charges that same tuition for these classes as well. Finally, assume that the school decides to cut tuition rates for 9:00 a.m. classes by 50%. In a third graph, show how this would affect the market for 11:00 a.m. classes. Provide a brief explanation for each graph.

Reference no: EM13736952

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