The Elasticity of Demand on College Education
(Student’s Name)
(Department)
(Course)
(Professor’s Name)
(Date)
The Elasticity of Demand on College Education
The value of today’s education based on community college education is valued in terms of career. Numerous organizations and employers now consider essential degree as a basic requirement in almost all fields; hence, it is difficult to secure an excellent job without the necessary skills. Also, it is clear that the substitute for attending community higher education is not attending, and presumably working, a choice that is not favorable for many students (Marginson, 2016). The several factors that determine whether a student will acquire college education include the price of tuition, the family income, willingness to take loans, and disposable income, among others. Therefore, higher education is an inelastic demand which develops the role of its skills in society.
Higher education is an inelastic demand. Students have the mandate to acquire tertiary education hence increasing their competition through the obtained degrees. As a result, a change in the pricing is not possible to change the critical role of higher education to the people. Children from different backgrounds have different choices based on the tuition price. Many developments are coming in the education system as far as advanced technology is concerned, though it will not make tertiary education elastic (Kiiashko, 2016). The main reason behind higher education not becoming elastic is its role and significance to diverse people. For instance, the demand for education would be elastic if new techniques emerged to foster success other than education. It would mean that lesser individuals would be receiving a college education.
On the contrary, the scenario for other means of success arising rather than higher education would be improbable (Farhan, 2016). Therefore, the demand for community college cannot be completely wiped out in society. Higher education remains a competitive requirement in the community. Hence an elasticity in demand for education.
References
Kiiashko, O. (2016). The Price Elasticity of the Demand for Higher Education: A Meta-Analysis. https://dspace.cuni.cz/bitstream/handle/20.500.11956/82383/DPTX_2014_2_11230_0_416219_0_118752.pdf?sequence=1
Marginson, S. (2016). High participation systems of higher education. The Journal of Higher Education, 87(2), 243-271. https://sci-hub.tw/10.1080/00221546.2016.11777401
Farhan, B. Y. (2016). Tuition elasticity of demand as a tool to manage higher education institutions. International Journal of Arts & Sciences, 9(1), 159. https://d1wqtxts1xzle7.cloudfront.net/46203370/TUITION_ELASTICITY_.pdf?1464974016=&response-content-disposition=inline%3B+filename%3DTUITION_ELASTICITY_OF_DEMAND_AS_A_TOOL_T.pdf&Expires=1597117218&Signature=g~2y7RZeNaps7DatrXM8iLTlEnxTJGEACYBQiHP6UiPdYRPkYQytzuYgRDXl9AYVQVDN3Jff9PMN2R4~Xyrnhf2aNlUmvIqxlmF1bWR~Z64E4~jQ6rMF1ySy-CR40Aq6O8~R1DkNzbgmsqhuHbYVFQyMDngvyop-PBmm38r~UuGJwC4Q5uSKRPuVUKtknHrcFMQOq0ar5togIilzI722a-CiGePn6ByQRiCiliniTGQxfkWTmd-WVk4G9t8ynnd-OCYbQ-4qQJP9JIl0G5ncnSJ2WNoIrh7NY4CemEogbHJL4uEhlcOZvz5Htqg4lSCGPoVDD6-2buPDVrVyibe7Cw__&Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA