背景划词翻译截屏压缩全屏显示播放2.Universities in a pandemic (7 marks)The demand for a university degree is characterised by the following relationship betweenthe cost of a degree,p,and the quantity demanded,q,p=Ag-1/owhere A and o are positive parameters.a.3 marks.Find an expression for the price elasticity of demand.b.2 marks.The fee for a degree was 9,000 in August 2019.In August 2021,the fee hadincreased by 10%and the demand had decreased by 20%.Does it help you in findingthe value of o?c.2 marks.In practice,the previous experiment may not be suitable to estimate a,i.e.,the model may not capture the complexities of the real World.Would you have anintuition as to why?
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