Suppose XYZ university decides to raise tuition fee from $ 3000 per annum to $ 4000 per annum of MBA first semester students. The number of students getting admission is 500. The price elasticity of demand is 0.2. Find out the number of students getting admission after the increase in tuition fee.

Find out the total revenue before and after the increase in tuition fee.

Explain whether the increase in tuition fee is a wise decision or not on the basis of total revenue findings.