The marginal cost of educating a college student is $5,000 per year. The table below shows the private marginal benefit from a college education. The marginal external benefit benefit of a college education is $2,000 per student per year. Complete the table and then plot the graph on a sheet of graph paper. Your sketch must be on a sheet of graph paper, no lined paper or self drawn grid. Data on education Students (millions per year) 1 2 3 4 Private Private Social Marginal Marginal Marginal Cost ($ Benefit External Benefit ($ per per ($ per Marginal student per student student Benefit year) SMB=PMB+EB per year) per year) 5000 3000 2000 1500

The marginal cost of educating a college student is $5,000 per year. The table below shows the private marginal benefit from a college education. The marginal external benefit benefit of a college education is $2,000 per student per year. Complete the table and then plot the graph on a sheet of graph paper. Your sketch must be on a sheet of graph paper, no lined paper or self drawn grid. Data on education Students (millions per year) 1 2 3 4 Private Private Social Marginal Marginal Marginal Cost ($ Benefit External Benefit ($ per per ($ per Marginal student per student student Benefit year) SMB=PMB+EB per year) per year) 5000 3000 2000 1500

EBK HEALTH ECONOMICS AND POLICY

7th Edition

ISBN:9781337668279

Author:Henderson

Publisher:Henderson

Chapter6: Population Health

Section: Chapter Questions

Problem 2QAP

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