Suppose the university of oklahoma decides to alter its tuition schedule by separating its students based on how many credit hours they have accumulated. students with fewer than 15 credit hours get a 13% reduction in tuition while students with 45-90 and more than 90 credit hours face an increase in tuition of 22 and 71%, respectively. fully explain whether this pricing strategy is rooted in a sound understanding of the price elasticity of demand, or not.

YES

Explanation:

Price elasticity of demand is a concept that aims to measure the sensitivity of demand in the face of price changes. When price goes up and demand goes down a lot, we say that demand is elastic (sensitive) to price change. When price increases and demand varies little, we say that demand is inelastic (little price sensitive).

In the exercise, the university sought to separate students according to the elasticity of demand in each group. The first group, who attended less than 15 credits, is a young group at the university, who has not attended much and may be more likely to drop out if the price increases. Therefore, it is an elastic demand group. When a group has elastic demand, lowering the price also has the effect of increasing demand, so students tend to stay at university.

On the contrary, the group that took many credits has no incentive to give up, as they have already spent a lot of time in the activity, and that would be a big loss. Thus, this group tries to be inelastic, not sensitive to price increase. Thus, the school made a strategy based on the elasticity of demand of each group.

imperial crisis leads to civil war.

roman forces withdraw from britain as goths attack rome.

odoacer topples romulus augustus

huns attack the empire and drive german peoples ahead of them.

the earth’s crust is broken into separate pieces called tectonic plates (fig. 7.14). recall that the crust is the solid, rocky, outer shell of the planet. it is composed of two distinctly different types of material: the less-dense continental crust and the more-dense oceanic crust. both types of crust rest atop solid, upper mantle material. the upper mantle, in turn, floats on a denser layer of lower mantle that is much like thick molten tar.

each tectonic plate is free-floating and can move independently. earthquakes and volcanoes are the direct result of the movement of tectonic plates at fault lines. the term fault is used to describe the boundary between tectonic plates. most of the earthquakes and volcanoes around the pacific ocean basin—a pattern known as the “ring of fire”—are due to the movement of tectonic plates in this region. other observable results of short-term plate movement include the gradual widening of the great rift lakes in eastern africa and the rising of the himalayan mountain range. the motion of plates can be described in four general patterns:

collision: when two continental plates are shoved together

subduction: when one plate plunges beneath another (fig. 7.15)

spreading: when two plates are pushed apart (fig. 7.15)

transform faulting: when two plates slide past each other (fig. 7.15)