There should be value in increasing the class size if (a) the number of applicants increases and (b) the average quality of the top applicants remains at least

There should be value in increasing the class size if (a) the number of applicants increases and (b) the average quality of the top applicants remains at least constant. During YC's history so far, we know (a) is true and (b) seems anecdotally to be true.