不 Why would the market economy produce too little education? Price and cost (thousands of dollars per student per ye 8.0- 7.0- Q G 6.0- 5.0 MSG 4.0+ The market would produce too little education because OA. producing more education would create a deadweight loss OB. when people make schooling decisions, they ignore its external benefits OC. too few people make teaching a career D. when people make schooling decisions, they ignore its external costs The graph shows the marginal private benefit and the marginal social benefit from college education. The marginal cost of educating a student is $5,000 a year and is constant. If schools are competitive and government has no involvement in college education, how many students are enrolled in a year and what is the tuition? What is the efficient number of students? If schools are competitive and government has no involvement in college education, thousand students a year are enrolled. What is the efficient number of students? 3.0- 2.0- 1.0- The efficient number of students is thousand students a year. MSB D=MB 0.0+ 0 10 20 30 40 50 60 70 80 Students (thousands per year)

不 Why would the market economy produce too little education? Price and cost (thousands of dollars per student per ye 8.0- 7.0- Q G 6.0- 5.0 MSG 4.0+ The market would produce too little education because OA. producing more education would create a deadweight loss OB. when people make schooling decisions, they ignore its external benefits OC. too few people make teaching a career D. when people make schooling decisions, they ignore its external costs The graph shows the marginal private benefit and the marginal social benefit from college education. The marginal cost of educating a student is $5,000 a year and is constant. If schools are competitive and government has no involvement in college education, how many students are enrolled in a year and what is the tuition? What is the efficient number of students? If schools are competitive and government has no involvement in college education, thousand students a year are enrolled. What is the efficient number of students? 3.0- 2.0- 1.0- The efficient number of students is thousand students a year. MSB D=MB 0.0+ 0 10 20 30 40 50 60 70 80 Students (thousands per year)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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