Suppose that Nowhere State University (NSU) seeks to increase its total revenue from tuition paid by students. To do this, NSU decides to increase the tuition it charges to students. In order for this strategy to work, the demand for NSU education must be . Suppose the true price elasticity of demand for NSU education is 1.4. To expand revenue earned by NSU, the university should the tuition it charges students.

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The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.