Supply and Demand Paper
November 18, 2012
Supply and Demand 1
I have had the experience of purchasing a few different items that are listed as choices to choose from, but I choose to go with my most recent purchase, my college education. My college education has been one of the most important decisions I have made. I knew that I had to take this decision seriously and not just jump into it without all the information I needed since this was going to be a long term commitment financially. Understanding the pros of getting my college education with a degree in business management out weighted any con that I could come up with. Since I was graduated from Tehachapi high school the demand for a college degree has increase. Both my mother and father never attended college and both were very successful people in the careers they choose. My father owned his own electrical business and my mother was the lead accountant at the California department of corrections. A collage education or degree was not as sought after to have a good job or career as it is today. My father started his own business at the age of 25 years old and has learned many successful skills through his years to be a successful business owner. Today many businesses are requiring a degree to work for them. The company that I currently am working for requires a degree to move up with in the company. You can start working for them at the bottom of the totem poll, but in order to advance and make more money they want the employees to have a degree. They are even willing to pay for part of your tuition as long as you pass the classes with at least a C average. The tuition reburcment played a big role in making the decision to go to college. Although I have a few years of experience in management, in order for me to move up, have more job...
www.nytimes.com - Burden of College Loans on Graduates Grows
By Tamar Lewin
Published: April 11, 2011
Supply and Demand 4
The necessity of a college education affects the price elasticity very little. Price elasticity for a college degree and education is more inelastic. The rate of tuition increase is much greater than the rate of students un-enrolling in college. According to Tuition Elasticity: Student Responsiveness to Tuition Increases. By Saif Ahmed and Anirban Ghosh. The percentage of decrease in student enrollment for every $100 dollar increase in tuition is 0.05 to 1.46%. This is a very small amount that would affect the enrolment of students. With the way the work environment is today, with wanting employees to have a degree and higher education, consumers are going to be more willing to pay the additional hundred dollar fee to earn their degrees need to stay employed or move up with their company. So there is not much that is affected for price elasticity on a college education.
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