Forty-eight years ago, one year of tuition at a certain university is P1,990. Today, the cost is P64,890. If the inflation rate is 3.87% per year, which of the following is true regarding the present cost in relation to the inflation rate?a. the cost today has risen slower than the inflation rate.b. the cost today has risen faster than the inflation rate.c. the cost today has risen at the same rate with the inflation rated. no such association can be made from the given

If the rate of inflation remains constant at 3 percent, what will happen to the value of a sandwich over 10 years?A.The value will decrease.B.The cost will decrease.C.The value will increase.D.The cost will stay the same.SUBMITarrow_backPREVIOUS

alculate the annual inflation rate of these three cases. Input the highest inflation rate below. (Write your answer in percent

An increase in the real exchange rate indicates that: Group of answer choices foreign goods are now relatively cheaper. foreign goods are now relatively more expensive. domestic goods are now relatively more expensive. both a. and c. are correct

In deflating a cost, the total cost for the current period is multiplied by the ratio of the inflation index in the base year to the inflation index in the current year A. True B. False

The university official is claiming that the demand for admission to the university is not affected by changes in tuition prices. She supports this claim by stating that even though the university has increased its tuition fees over the past 15 years, the number and quality of students applying have not decreased. However, we cannot fully accept this argument based on the evidence provided. The official does not observe a demand curve, which is a graphical representation of the relationship between price and quantity demanded. Without a demand curve, it is difficult to determine the price elasticity of demand, which measures how responsive the quantity demanded is to changes in price. There could be other factors at play that explain why the number and quality of students applying have not decreased despite the increase in tuition fees. One possibility is the existence of potential substitutes. In other words, students may have alternative options to consider when choosing a university. If these alternatives offer similar quality education at a lower cost, students may choose those options instead. To better understand this, let's imagine you are a middle school student looking to buy a new video game. If the price of your favorite game doubles, you might still be willing to buy it because you really enjoy playing it and there are no other games that offer the same experience. However, if another game with similar features and lower price becomes available, you might choose to buy that game instead. This is similar to how students might consider other universities if they offer similar quality education at a lower cost. In conclusion, while the university official's argument suggests that the demand for admission is not affected by tuition prices, we need more information to fully accept this claim. The existence of potential substitutes and the absence of a demand curve make it difficult to determine the price elasticity of demand for university admissions.