Economics For Today
10th Edition
ISBN: 9781337670654
Author: Tucker
Publisher: Cengage
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Chapter 4.3, Problem 1YTE
To determine
To explain whether education is a public good.
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Is education a public good? Does education have external benefits? If so, what are some of those public benefits? In your opinion are the external benefits large or small? Why?
What should government do to promote the efficient provision of products that have external benefits? If you think that government should put more resources into education, what might be some of the opportunity costs of that decision? How would an economist determine the right amount of government support for education?
Explain about the PRIVATE COST of EDUCATION.
Illustrate graph (s) that show about the Private Cost in education with explanation.
Chapter 4 Solutions
Economics For Today
Ch. 4.2 - Prob. 1YTECh. 4.2 - Prob. 2YTECh. 4.2 - Prob. 3YTECh. 4.2 - Prob. 4YTECh. 4.3 - Prob. 1YTECh. 4.3 - Prob. 2YTECh. 4 - Prob. 1SQPCh. 4 - Prob. 2SQPCh. 4 - Prob. 3SQPCh. 4 - Prob. 4SQP
Ch. 4 - Prob. 5SQPCh. 4 - Prob. 6SQPCh. 4 - Prob. 7SQPCh. 4 - Prob. 8SQPCh. 4 - Prob. 9SQPCh. 4 - Prob. 10SQPCh. 4 - Prob. 1SQCh. 4 - Prob. 2SQCh. 4 - Prob. 3SQCh. 4 - Prob. 4SQCh. 4 - Prob. 5SQCh. 4 - Prob. 6SQCh. 4 - Prob. 7SQCh. 4 - Prob. 8SQCh. 4 - Prob. 9SQCh. 4 - Prob. 10SQCh. 4 - Prob. 11SQCh. 4 - Prob. 12SQCh. 4 - Prob. 13SQCh. 4 - Prob. 14SQCh. 4 - Prob. 15SQCh. 4 - Prob. 16SQCh. 4 - Prob. 17SQCh. 4 - Prob. 18SQCh. 4 - Prob. 19SQCh. 4 - Prob. 20SQ
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- Mr. Saeed Ahmed loves watching sports channel on his local public TV station, but he never sends any money to support the station during its fund-raising drives. What name do economists have for people like Mr. Saeed Ahmed? b. How can the government solve the problem caused by people like Mr. Saeed Ahmed? c. Can you think of ways the private market can solve this problem? How does the existence of cable TV alter the situation?arrow_forwardHow does education, as an area of government spending, both positively and negatively impact a business?arrow_forwardHow do government failures provide rationale and justification for public policy?arrow_forward
- How would an economist determine the right amount of government support for education?arrow_forwardHow can government prevent market failure?arrow_forwardIn general, what are some of the tactics the government uses to correct market failure? List 3 and provide a brief explanation of the opportunity costs involved in correcting these failures.arrow_forward
- Policymakers realize that, although education creates a positive benefit for those who obtain it, it also creates external benefits for the community where the educated individual resides. The graph depicts the marginal social cost (MSC) and the marginal social benefit (MSB) associated with education. On the graph, move the point, P, to the point representing the optimal level of education. Dollars (thousands) 100 90 80 70 60 50 40 30 20 10 0 0 2 4 MSC MSB 6 8 10 12 14 16 18 20 22 Years of schooling optimal schooling: 14 What is the socially optimal number of years of schooling for each citizen? yearsarrow_forwardWhat do you see as the biggest flaw in using benefit-cost analysis to guide public policy?arrow_forwardQuestion 6 U SB G S E I 50 80 120 150 Consider the market for education. Education has an external benefit. The graph above shows the supply and demand curves as well as the social benefit curve in the market. Refer to the graph to answer the following questions: • If the government does not interfere in the functioning of this market, the quantity traded in the market is • The socially optimal quantity is • The outcome that takes into account the external benefit of education is • In the presence of a positive externality and without government interfer produces ket Point E Point F ◆ compared to the socially optimal quar Point G Point H Check H --arrow_forward
- explain when and how the government intervenes in the economyarrow_forwardEducation provides both private benefits to those who receive it and broader social benefits for the economy as a whole. Think about the types of policies a government can follow to address the issue of positive spillovers in technology and then suggest a parallel set of policies that governments could follow for addressing positive externalities in education.arrow_forwardClassify each statement as a positive externality associated with education or a negative externality associated with education. Positive externalties of education Negative externalities of education Answer Bank a higher voter participation rate reduced welfare dependency an increased standard of living lower crime ratesarrow_forward
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