Economics: Principles & Policy
14th Edition
ISBN: 9781337696326
Author: William J. Baumol; Alan S. Blinder; John L. Solow
Publisher: Cengage Learning
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Question
Chapter 1, Problem 1DQ
To determine
Way of constricting a model about how a college is governed.
Expert Solution & Answer
Explanation of Solution
Option (a):
Decisions on financial aid: The decision on financial aid depends upon the decision of fund management team. This management constructs a model about the financial aid by taking into consideration about the overall financial policy of college or college budget, way of fund raising, financial needs of college, appointing financial counsellors in the office, and so on.
Option (b):
Quality of the faculty: Quality of the faculty is determined by the representatives of the management team. Also they are responsible to fix the salary of the teachers.
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