The graph shows the demand for university education. The marginal cost of educating a student is a constant $6,000 a year and education creates an external benefit of a constant $2,000 per student per year. fall universities are private and the market for education is competitive, calculate the number of students, the tuition, and the deadweight loss. Draw the marginal social cost curve. Label it MSC. Draw a point to show the number of students enrolled and the tuition if the schools are private. Draw the marginal social benefit curve. Label it MSB. Draw a shape that shows the deadweight loss. Label it DWL 10- 9- 8- 7- 6- 5- 4- 3- 2- 1- Price and cost (thousands of dollars per student per ye D=MB 0 30 40 50 10 20 Students (thousands per year) >>> Draw only the objects specified in the question. Q G 60

The graph shows the demand for university education. The marginal cost of educating a student is a constant $6,000 a year and education creates an external benefit of a constant $2,000 per student per year. fall universities are private and the market for education is competitive, calculate the number of students, the tuition, and the deadweight loss. Draw the marginal social cost curve. Label it MSC. Draw a point to show the number of students enrolled and the tuition if the schools are private. Draw the marginal social benefit curve. Label it MSB. Draw a shape that shows the deadweight loss. Label it DWL 10- 9- 8- 7- 6- 5- 4- 3- 2- 1- Price and cost (thousands of dollars per student per ye D=MB 0 30 40 50 10 20 Students (thousands per year) >>> Draw only the objects specified in the question. Q G 60

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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