The graph shows the marginal private benefit of trade school education. The marginal cost of this education is a constant $12,000 a year and the marginal external benefit of a trade school education is $8,000 per student per year. What is the efficient number of students? If trade schools are private (no government involvement) how many people enroll, what is the tuition, and what is the deadweight loss? Draw the marginal social benefit curve. Label it MSB. Draw a point to show the marginal social benefit at the efficient number of students. Label it 1. Suppose trade schools are private (no government involvement). Draw a point to show the number of people who undertake a trade school education and the tuition each pays. Label it 2. Draw a shape to show the deadweight loss. 32- 28- 24- 20+ 16- 12+ 8- 4- 0- Price and cost (thousands of dollars) 0 D=MB 20 30 40 50 60 70 Students (thousands per year) >>> Draw only the objects specified in the question. S=MC 10 Q Q

The graph shows the marginal private benefit of trade school education. The marginal cost of this education is a constant $12,000 a year and the marginal external benefit of a trade school education is $8,000 per student per year. What is the efficient number of students? If trade schools are private (no government involvement) how many people enroll, what is the tuition, and what is the deadweight loss? Draw the marginal social benefit curve. Label it MSB. Draw a point to show the marginal social benefit at the efficient number of students. Label it 1. Suppose trade schools are private (no government involvement). Draw a point to show the number of people who undertake a trade school education and the tuition each pays. Label it 2. Draw a shape to show the deadweight loss. 32- 28- 24- 20+ 16- 12+ 8- 4- 0- Price and cost (thousands of dollars) 0 D=MB 20 30 40 50 60 70 Students (thousands per year) >>> Draw only the objects specified in the question. S=MC 10 Q Q

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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