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Interest in virtual education is rising Schools offer individualized learning and a flexible schedule Enrollment continuing to increase

Price (hundreds of dollars per student) Quantity (thousands of students) Charter Schools D0 D1 Online schools become more popular The price of online schools, a substitute for charter schools, falls Demand for charter schools decreases Positive cross elasticity of demand Cross Elasticity of Demand: -5 percent/ -10 percent= 0.5

Online Schools D0 D1 As the price of online schools declines, the quantity demanded increases There is a movement along the demand curve for online schools Quantity (thousands of students) Price (hundreds of dollars per student) 1 2