In fall$2006,$ Pace University in New York raised its annual tuition from

$$$$24$ comma $60024,600$

to

$$$$29$ comma $75029,750.$

Freshman enrollment declined from

$1$ comma $5001,500$

in fall $2005$ to

$1$ comma $1101,110$

in fall $2006.$ Assuming that the demand curve for places in the freshmen class at Pace did not shift between $2005$ and$2006,$ use this information to calculate the

price elasticity of demand

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$.$

Use the midpoint formula in your calculation.

$$Source: Karen W$.$ Arenson, $"$At$$ Universities, Plum Post at Top Is Now$$ Shaky," New York

Times$,$

January$9,2007.$

Part $2$

The price elasticity of demand for Pace University for the fall of $2006$ is

enter your response here.

$($H$$int:

include the negative sign and enter your response rounded to two decimal

places.$)$

Part $3$

The demand for places in$$ Pace's freshman class is price

$$

$$

unit$-$elastic

inelastic

elastic

$.$

Part $4$

Calculate the total revenue generated from$$ Pace's freshman class in $2005$

$$$enter your response here

$.$

Part $5$

Calculate the total revenue generated from$$ Pace's freshman class in $2006$

$$$enter your response here.

Part $6$

The total amount of tuition Pace received from its freshman class

$$

$$

fell

rose

in $2006$ compared with $2005.$