Decision Makers Develop Actions With The Knowledge Of Economics Essays

Decision Makers Develop Actions With The Knowledge Of Economics Essays

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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

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