if education r us university thought that it faced an inelastic demand for the regular academic year but an elastic demand for summer school, and it wanted to increase its total tuition revenue, it would want tuition in the regular academic year and tuition for summer school

The correct answer is: increase; decrease.

Explanation:

Education R Us University wants to increase its total tuition revenue.

It faces an inelastic demand for the regular academic year but an elastic demand for summer school.

Inelastic demand means that a change in the price will cause less than proportionate change in quantity demanded.

Since the demand for the regular academic year is inelastic, an increase in tuition will cause less than a proportionate decrease in its demand. So this will cause revenue to increase.

Elastic demand means that a change in the price level will cause more than proportionate change in the quantity demanded.

Since the demand for summer school is elastic, a decrease in tuition will cause the demand to increase more than proportionate. This will cause tuition revenue to increase.

every society, in order to meet the needs of it's people, has to answer three basic questions:

- what should we produce?

- how should we produce it?

- for whom should we produce it?

this questions must be answered in order to, option b, aid in production decisions.

every country can't produce everything, no matter how rich their land is. it may be a matter of technology, resources or geographical conditions. so, these three questions must be resolved in order to get the most of the production of each land.

hope this !