Goods can be divided into various categories:
1) Private goods
2) Pure public goods
3) Club Goods
4) Common resources
5) Quasi-public good/ Impure public good/ merit good
Education is an example of a quasi-public good. There will always be a private demand forthcoming from the market due to the private benefits that one derives from education ( more education leads to higher-paying jobs which in turn increases the purchasing power of the individual). Moreover, there are some social benefits of education as well. An educated public leads to a highly skilled labour force and increases the GDP of the economy. Therefore, government intervention in the provision of such merit goods is necessary for a developing economy.
Apart from private demand, there will also be a social demand for education. The optimal provision of education can be derived using the following graph. Here,
DD': Private demand
SS': Social Demand
MSB: Marginal Social Benefit (vertical summation of the private demand and social demand)
MSC: Marginal social cost of providing education
qp: Quantity demanded by considering only the private demand and cost of provision
q*: Equilibrium quantity considering both the private and the social demand and costs of provision of education
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