Homework Answers
B. $13,000 is the right answer. Without state intervention it will purely be a play of the demand and supply curves (which are the D=MB and S=MC curves).
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o Price and cost (thousands of dollars per hour) The figure shows the market for college...
Price and cost (thousands of dollars per student per yees) The graph shows the demand for...
Price and cost (thousands of dollars per student per yees) The graph shows the demand for college education. The marginal cost of this education is $5,000 a year and the marginal external benefit is $1,000 per student per year. All colleges are private and the government offers vouchers to those who enroll at a college. Draw the marginal social benefit curve. Label it MSB. Draw an arrow at the efficient number of students that shows the value of the voucher...
The figure shows an education market in which the government is providing households with vouchers. In...
The figure shows an education market in which the government is
providing households with vouchers. In
total,
how much do the schools receive for a student?
The figure shows an education market in which the government is providing households with vouchers. In total, how much do the schools receive for a student? Price and cost (thousands of dollars per student) A. $16,000 20 S = MC B. $8,000 16 C. $12,000 D. $20,000 12 O O E. $4,000 8 D...
O The figure shows an education market in which the government is providing households with vouchers....
O The figure shows an education market in which the government is providing households with vouchers. What is the efficient quantity of students? nows Price and cost (thousands of dollars per student) O A. 2 million o the 20 O B. more than 6 million S = MC O c. more than 4 million and less than 6 16 OD 4 million 12 Ws an e eholds udent? O E. 6 million 8 D = MSB 0 4 MB 0...
Suppose the following data represent the market demand for college education: Tuition Enrollment Demanded (per year)...
Suppose the following data represent the market demand for college education: Tuition Enrollment Demanded (per year) (millions per year) $40,000 35,000 30,000 25,000 20,000 15,000 10,000 000 AN - 5,000 Instructions: Enter your responses as whole numbers. a. If tuition is set at $15,000, how many students will enroll? 6 million students Now suppose that society gets an external benefit of $5,000 for every enrolled student b. Draw the social and market demand curves for this situation on the graph...
The graph shows the marginal private benefit from design school education. The marginal cost of this...
The graph shows the marginal private benefit from design school education. The marginal cost of this education is a constant $12,000 a year. The marginal external benefit from a design school education is $4,000 per student per year. Suppose the government decides to provide public design schools. Price and cost (thousands of dollars) 28- Draw the marginal cost curve. Label it MC. Draw the marginal social benefit curve. Label it MSB. Draw a line that shows the tuition that schools...
Figure 1 shows the marginal private benefit from college education at an imaginary college. The marginal...
Figure 1 shows the marginal private benefit from college education at an imaginary college. The marginal cost of a college education in this example is a constant $6,000 per year. The marginal external benefit from a college education is $4,000 per student per year. FIGURE 1 $10,000 $9,000 $8,000 57,000 PRICE OF TUITION $6,000 $5,000 $4,000 $3,000 $2.000 1.000 1,500 2.000 2.500 3.000 3,500 STUDENTS PER YEAR 4,000 4,500 5.000 a) If colleges were private and government had no involvement...
What is the answer for c ? 4. The marginal cost of educating a college student...
What is the answer for c ?
4. 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 of a college education is $2,000 per student per year. [Use a graph to help you answer the questions Students Private Private Marginal Benefit External Social Marginal Benefit (millions per year) Marginal (Sper student per year) Marginal Benefit S per student per year) Cost...
Problem 1: Externalities (20 points) Figure 1 shows the marginal private benefit from college education at...
Problem 1: Externalities (20 points) Figure 1 shows the marginal private benefit from college education at an imaginary college. The marginal cost of a college education in this example is a constant $6,000 per year. The marginal external benefit from a college education is $4,000 per student per year. FIGURE 1 $10,000 $9,000 $8,000 $7,000 PRICE OF TUITION $6,000 $5,000 $4,000 $3,000 $2,000 1,000 1,500 2,000 4,000 4,500 5,000 2,500 3,000 3,500 STUDENTS PER YEAR a) If colleges were private...
Problem 1: Externalities (20 points) Figure 1 shows the marginal private benefit from college education at...
Problem 1: Externalities (20 points) Figure 1 shows the marginal private benefit from college education at an imaginary college. The marginal cost of a college education in this example is a constant $6,000 per year. The marginal external benefit from a college education is $4,000 per student per year. FIGURE 1 $10,000 59,000 58,000 57,000 PRICE OF TUITION 56,000 5,000 54000 $3,000 $2,000 1,000 1,500 2,000 4,000 4.500 2.500 3.000 3,500 STUDENTS PER YEAR 5.000 a) If colleges were private...
Problem 1: Externalities (20 points) Figure 1 shows the marginal private benefit from college education at...
Problem 1: Externalities (20 points) Figure 1 shows the marginal private benefit from college education at an imaginary college. The marginal cost of a college education in this example is a constant $6,000 per year. The marginal external benefit from a college education is $4,000 per student per year. FIGURE 1 $10.000 59.000 58.000 I 57.000 PRICE OF TUITION 56 000 55.000 54.000 53.000 $2.000 1.000 1.500 2,000 4,000 4,500 5.000 2,500 3.000 3,500 STUDENTS PER YEAR a) If colleges...
Price and cost (thousands of dollars per student per yees) The graph shows the demand for college education. The marginal cost of this education is $5,000 a year and the marginal external benefit is $1,000 per student per year. All colleges are private and the government offers vouchers to those who enroll at a college. Draw the marginal social benefit curve. Label it MSB. Draw an arrow at the efficient number of students that shows the value of the voucher...
The figure shows an education market in which the government is
providing households with vouchers. In
total,
how much do the schools receive for a student?
The figure shows an education market in which the government is providing households with vouchers. In total, how much do the schools receive for a student? Price and cost (thousands of dollars per student) A. $16,000 20 S = MC B. $8,000 16 C. $12,000 D. $20,000 12 O O E. $4,000 8 D...
O The figure shows an education market in which the government is providing households with vouchers. What is the efficient quantity of students? nows Price and cost (thousands of dollars per student) O A. 2 million o the 20 O B. more than 6 million S = MC O c. more than 4 million and less than 6 16 OD 4 million 12 Ws an e eholds udent? O E. 6 million 8 D = MSB 0 4 MB 0...
Suppose the following data represent the market demand for college education: Tuition Enrollment Demanded (per year) (millions per year) $40,000 35,000 30,000 25,000 20,000 15,000 10,000 000 AN - 5,000 Instructions: Enter your responses as whole numbers. a. If tuition is set at $15,000, how many students will enroll? 6 million students Now suppose that society gets an external benefit of $5,000 for every enrolled student b. Draw the social and market demand curves for this situation on the graph...
The graph shows the marginal private benefit from design school education. The marginal cost of this education is a constant $12,000 a year. The marginal external benefit from a design school education is $4,000 per student per year. Suppose the government decides to provide public design schools. Price and cost (thousands of dollars) 28- Draw the marginal cost curve. Label it MC. Draw the marginal social benefit curve. Label it MSB. Draw a line that shows the tuition that schools...
Figure 1 shows the marginal private benefit from college education at an imaginary college. The marginal cost of a college education in this example is a constant $6,000 per year. The marginal external benefit from a college education is $4,000 per student per year. FIGURE 1 $10,000 $9,000 $8,000 57,000 PRICE OF TUITION $6,000 $5,000 $4,000 $3,000 $2.000 1.000 1,500 2.000 2.500 3.000 3,500 STUDENTS PER YEAR 4,000 4,500 5.000 a) If colleges were private and government had no involvement...
What is the answer for c ?
4. 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 of a college education is $2,000 per student per year. [Use a graph to help you answer the questions Students Private Private Marginal Benefit External Social Marginal Benefit (millions per year) Marginal (Sper student per year) Marginal Benefit S per student per year) Cost...
Problem 1: Externalities (20 points) Figure 1 shows the marginal private benefit from college education at an imaginary college. The marginal cost of a college education in this example is a constant $6,000 per year. The marginal external benefit from a college education is $4,000 per student per year. FIGURE 1 $10,000 $9,000 $8,000 $7,000 PRICE OF TUITION $6,000 $5,000 $4,000 $3,000 $2,000 1,000 1,500 2,000 4,000 4,500 5,000 2,500 3,000 3,500 STUDENTS PER YEAR a) If colleges were private...
Problem 1: Externalities (20 points) Figure 1 shows the marginal private benefit from college education at an imaginary college. The marginal cost of a college education in this example is a constant $6,000 per year. The marginal external benefit from a college education is $4,000 per student per year. FIGURE 1 $10,000 59,000 58,000 57,000 PRICE OF TUITION 56,000 5,000 54000 $3,000 $2,000 1,000 1,500 2,000 4,000 4.500 2.500 3.000 3,500 STUDENTS PER YEAR 5.000 a) If colleges were private...
Problem 1: Externalities (20 points) Figure 1 shows the marginal private benefit from college education at an imaginary college. The marginal cost of a college education in this example is a constant $6,000 per year. The marginal external benefit from a college education is $4,000 per student per year. FIGURE 1 $10.000 59.000 58.000 I 57.000 PRICE OF TUITION 56 000 55.000 54.000 53.000 $2.000 1.000 1.500 2,000 4,000 4,500 5.000 2,500 3.000 3,500 STUDENTS PER YEAR a) If colleges...
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