Question on Raising Tuition
Decision-makers develop actions with the knowledge of economics. The goal of good decision-making is to capitalize on opportunity cost through the knowledge of economics. I was hired as the new Consultanting President of Nobody State University (NSU) to increase revenues for the school to survive. The approach I will take with NSU will be both positive and normative centered on tuition and enrollment rate. Tuition is a focal topic to both households and firms regarding the affairs of college on the standpoint of income. As Consulting President of NSU, the purpose of the composition will be to demonstrate how tuition and enrollment rate changes in specific circumstance that affect the functionality of increasing revenues.
Process of Revenue in Relations with Students
NSU’s revenues are a direct result of students. Higher tuition and lower enrollment effect NSU’s revenues based on the student 's income, taste, price of complements, and price of substitions. Students act in a manner to satisfy needs and wants based on five assumptions in a market. The five assumptions are students will make decisions based on their limited income to satisfy wants, the benefit of satisfaction becomes the root of rational decisions with students, imperfect information grounds the choices of students, increased amount of goods consumed increase satisfaction by increasing units, and goods have qualities that make them satisfactory. The market is the primary source for decisions of NSU and students. The two types of markets are resource market that accommodates tuition and revenues and product market that accommodates education & enrollment rate. The decision-makers are the student known as household and NSU know...
... middle of paper ...
...d utilities can completed the flow of income or created a injections and leakages based on the decision-making of either the household (students) or firm (NSU). The total value of utility can change in relations to the changes in quantity demanded resulting in a shift of satisfaction. The goal is to allow students (households) to maximize total utility from self-interest. My target is to increase revenues by applying the law of demand in relations to ceteris paribus. Ceteris paribus is the assumption that income, tastes, price of goods, price of substitutions, and price of complete are held constant (Amacher & Pate, 2013). However, changes in ceteris paribus create changes in quantity demanded. I think raising the cost of tuition and a higher enrollment rate will result in increase in revenue from the value of utilities.
Assessment of Tuition and Enrollment Rat
Need Writing Help?
Get feedback on grammar, clarity, concision and logic instantly.Check your paper »
- “We have always known that heedless self-interest was bad morals; We know now that it is also bad economics” (Franklin Delano Roosevelt as cited in Godwin, 2008; Good Money & Quotes, 2010) 1. Introduction Business Industry has witnessed the outcomes of bad moral decisions taken by business leaders. Enron’s story is only one example of corporate scandals and cases of bad moral decisions, which has not only shaken the public trust in corporations, but also affected the bank accounts of investors and employees.... [tags: Business Ethics]
4725 words (13.5 pages)
- 1. Introduction “We have always known that heedless self-interest was bad morals; We know now that it is also bad economics” (Franklin Delano Roosevelt as cited in Godwin, 2008) Business Industry has witnessed that what were the outcomes of bad moral decisions taken by business leader. Enron’s story is only one example of recent corporate scandals and cases of bad moral decisions, which has not only shaken the public trust in corporations, but also affected the bank accounts of investors and employees.... [tags: Business Management]
2903 words (8.3 pages)
- Explain what is implied by the assumption that decision-makers are rational. How is the assumption of rationality used in the economic analysis of individual behaviour. In many academic disciplines much is spoken about rationality and rational choices. Economists generally refer to 'rational' choices and that individuals in economic theory are rational. By rational we mean people choose options which they perceive to be the best, given the circumstances they are in. In terms of making rational choices some of the conceivable options for example of going to work would be: · Actually going to work.... [tags: Economics]
1368 words (3.9 pages)
- Inventory valuation is one of the factors that decision makers have to consider before making any decision in their business. They can know how different inventory assumptions affect the cost of good sold and the resulting net income. Inventory valuation is value a company allocates to its inventory in storage and when it is sold. There are several methods to calculate the inventory values to know how much they cost. These methods are specific identification, cost average, first in, first out (FIFO), and last in, first out (LIFO).... [tags: sterage, sold, cost, methods, average]
2295 words (6.6 pages)
- BEHAVIOR OF AN ECONOMIC MAN An economic man is an economic model that is used to measure conditions and achieve theories of how a person behaves to make decisions. It is considered that this model always seeks to maximize its gains based on the data or information he has and always in a rational way. As this is a model , no other factor (physical or emotional) would affect him and he would make decisions seeking maximum personal benefit or self-interest. Self-interest is the position that companies or individuals have to seek maximum profit or gain.... [tags: Economics, Utility, Marginal utility]
735 words (2.1 pages)
Public Policy And Administration And The Msc Political Science And Political Economy Programmes At The Department Of Government
- Personal Statement Introduction: I am writing to apply for the MSc Public Policy and Administration and the MSc Political Science and Political Economy programmes at the Department of Government at LSE. I have graduated from the University of New South Wales with a Bachelor of Laws and a Bachelor of Commerce with a Major in Finance. I was recently admitted to the New South Wales Supreme Court as a qualified lawyer. I have obtained a Cambridge AICE Diploma with Distinction from High School (AAAB), and I have managed to maintain an average of Distinction for my undergraduate studies which roughly translates to a First Class Honours under the British classification.... [tags: Economics, Government, Management consulting]
1405 words (4 pages)
- Introduction The purpose of this paper is trying to find out the main strategic priorities for policy makers of the chosen city: Hong Kong, China, to strong and development sustainably the economic and planning over the next 20 years. As the urban economy is a key factor of city planning, so the changing of city economy would affect the social, political and commercial life in a city. This essay would select Hong Kong as a study object to think about policy and planning for a city, which provide a practical exercise that might be encountered in the further under professional practice.... [tags: China, urban economy, macro-economics policy]
2604 words (7.4 pages)
- Microeconomics may reveal outcomes as assured; therefore it is overdetermined, and this is contrasted with macroeconomics as being underdetermined. Understanding the principles of microeconomics is untroubling for economists when they gain an ability to contemplate systems. Moreover, the natures of truth in the world of microeconomics can be puzzling, but there are some foundations which allow flotation of the proverbial watercraft. Accordingly, methodology helps economists to recognize specific pitfalls so that mistakes are eliminated.... [tags: Economics, Supply and demand, Marginal utility]
809 words (2.3 pages)
- Discuss the role Singapore can play in helping her ASEAN neighbours develop their economies, and how this can benefit Singapore in the long run. The ASEAN community consist of member countries Singapore, Malaysia, Indonesia, Philippines, Thailand, Cambodia, Vietnam, Brunei Darussalam, Laos and Myanmar, whose collective will is through cooperation and friendship and through joint efforts and sacrifices, secure for their peoples and for posterity the blessings of peace, freedom and prosperity. Upon the foundations as a major maritime and air transportation hub for the region, Singapore has developed as an “international financial capital”.... [tags: Economics]
1975 words (5.6 pages)
- Definition of Topic: Economics is the study of supply and demand. It defines the ways that human beings allocate resources and how resources are distributed amongst a market. It allows you to see trends in current market places and predict what may happen in the future. Many different subjects were once regarded as a part of economics. Political science and even sociology were once considered part of the field. These subjects still play a major role in understanding economics but are also completely separate disciplines today.... [tags: Understanding Economics Essays]
1694 words (4.8 pages)