An article in the journal of New York State Economics Association claims that the income elasticity of demand for public college education in New York is +1.67. Who would find this information useful and why?
come up with 3 interested parties
The information regarding the income elasticity of demand for public college education in New York could be useful to various interested parties. Here are three examples:
1. Policy Makers: Policy makers, such as officials from the New York State Department of Education or lawmakers, would find this information useful. It can help them understand how sensitive the demand for public college education is to changes in income levels. With an income elasticity of demand of +1.67, it suggests that as incomes rise, there will be a more than proportional increase in the demand for public college education. This information can inform policy decisions related to funding allocation, tuition fees, and financial aid programs.
2. Educational Institutions: Public colleges and universities in New York would also be interested in this information. Knowing the income elasticity of demand can provide insights into how demand for their educational services may change in response to variations in income levels. This knowledge can help institutions plan enrollment levels, anticipate changes in student populations, and tailor their programs and services to meet the needs of different income groups.
3. Students and Parents: Students and their parents, especially those considering attending a public college in New York, would find this information useful. It can provide insights into the potential affordability and accessibility of a college education based on income levels. Students from higher-income families may expect to see a greater increase in demand, leading to potential competition for admission or increased tuition fees. On the other hand, students from lower-income families might be encouraged to pursue public higher education due to the relatively higher responsiveness of demand to changes in income.
Overall, understanding the income elasticity of demand for public college education in New York can inform decision-making at various levels, from policy formulation to institutional planning and individual student choices.