How can prices and elasticity cause colleges and universities to offer financial aid to low-income students?

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16-02-2022
Business

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How can prices and elasticity cause colleges and universities to offer financial aid to low-income students?

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ewomazinoade ewomazinoade · Answer 1 · 2022-02-18T12:53:37+01:00

The elasticity of demand for college and university education is elastic. Thus, if the price of education is high, low-income students would decide not to get education. In order to incentivise low-income students, schools offer financial aid.

What does the elasticity of demand mean?

Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.

Price elasticity of demand = percentage change in quantity demanded / percentage change in price

To learn more about price elasticity of demand, please check: https://brainly.com/question/18850846