Knowledge creates positive externality; therefore, governments should intervene in the education sector. What is the intervention action of governments for efficiency to gain from external benefits? Please explain each of these interventions with a clear example for each.

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Q: How does providing education to students provide external benefits to everyone in the community.

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Q: Explain the graph that I have provided about the PRIVATE COST and SOCIAL COST of EDUCATION

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A:

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Q: What do you see as the biggest flaw in using benefit-cost analysis to guide public policy?

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Q: Why does government intervention become necessary in the situation of market failure?

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Q: Education is frequently cited as a source of external benefits. How?

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A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…

Market Failure Analysis

To understand Market failure, we need to first understand welfare economics. An Italian economist, Vilfredo Pareto stated that allocation of resources in an efficient manner such that an economic change, which harms no one and makes someone better off, indicates an increase in social welfare. It is also called Pareto Optimality, where resources cannot further be reallocated without harming one. This does not apply to those economic changes, which harm some and benefit others. social welfare increases if the utility of any of its members' increases and none decrease in the economy.