Question 6USBGSEI50 80120 150Consider the market for education. Education has an external benefit. The graph above showsthe supply and demand curves as well as the social benefit curve in the market. Refer to thegraph to answer the following questions:• If the government does not interfere in the functioning of this market, the quantity traded inthe market is• The socially optimal quantity is• The outcome that takes into account the external benefit of education is• In the presence of a positive externality and without government interferproducesketPoint EPoint F◆ compared to the socially optimal quarPoint GPoint HCheckH-- Question 6SBSGBFEII50 80120 150Consider the market for education. Education has an external benefit. The graph above showsthe supply and demand curves as well as the social benefit curve in the market. Refer to thegraph to answer the following questions:• If the government does not interfere in the functioning of this market, the quantity traded inthe market is• The socially optimal quantity is• The outcome that takes into account the external benefit of education is• In the presence of a positive externality and without government interference, the marketproduces ✔compared to the socially optimal quantity.too muchChecktoo littlethe right amountI

Externalities are the side effects which are borne by the parties who are not directly involved in…

P SB E H F III G 50 80 120 150 Consider the market for education. Education has an external benefit. The graph above shows the supply and demand curves as well as the social benefit curve in the market. Refer to the graph to answer the following questions: S

P SB E H F III G 50 80 120 150 Consider the market for education. Education has an external benefit. The graph above shows the supply and demand curves as well as the social benefit curve in the market. Refer to the graph to answer the following questions: S

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Policymakers realize that, although education creates a positive benefit for those who obtain it, it also creates external benefits for the community where the educated individual resides. The graph depicts the marginal social cost (MSC) and the marginal social benefit (MSB) associated with education. On the graph, move the point, P, to the point representing the optimal level of education. Dollars (thousands) 100 90 80 70 60 50 40 30 20 10 0 0 2 4 MSC MSB 6 8 10 12 14 16 18 20 22 Years of schooling optimal schooling: 14 What is the socially optimal number of years of schooling for each citizen? years
Quesrion 11 Hello can you please help awnsering question 11 a and b thank you
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Ronald Coase in his classic October 1960 article “The Problem of Social Cost” (Journal of Law and Economics 3[1], pp.1-4) discussed collective ownership of resources. Collective ownership often means that no one takes care of resources, or at minimum that resources are not cared for as well as if they were privately owned. What are some of problems with collective ownership in the health care industry? Can you think of some examples in which collective ownership works? In what situations does it not work?