8. The table shows the marginal private benefit schedule from a college education. The marginal cost of educating a college student online is $3,000 a year. The marginal external benefit from a college education is 50 percent of the marginal private benefit. With no government involvement in college education, million students enroll and tuition is per student per year. The deadweight loss created is $ million. Students (millions per year) 1 2 o/A /c Marginal private benefit (dollars per student per year) 6,000 5,000 4,000 3,000 2,000 1,000

8. The table shows the marginal private benefit schedule from a college education. The marginal cost of educating a college student online is $3,000 a year. The marginal external benefit from a college education is 50 percent of the marginal private benefit. With no government involvement in college education, million students enroll and tuition is per student per year. The deadweight loss created is $ million. Students (millions per year) 1 2 o/A /c Marginal private benefit (dollars per student per year) 6,000 5,000 4,000 3,000 2,000 1,000

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Only typed answer

8. The table shows the marginal private benefit schedule from
a college education.
The marginal cost of educating a college student online is
$3,000 a year. The marginal external benefit from a college
education is 50 percent of the marginal private benefit.
With no government involvement in college education,
million students enroll and tuition is
per student per year.
$
The deadweight loss created is $
million.
Students
(millions per year)
1
2345
6
Marginal private benefit
(dollars per student per year)
6,000
5,000
4,000
3,000
2,000
1,000

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