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 15, Problem 4DQ
To determine
The nature of excludability of education.
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What is the difference between the PRIVATE COST and the SOCIAL COST of education?
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.
Chapter 15 Solutions
Economics: Principles & Policy
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- 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_forwardIs market failure either necessary or sufficient for government intervention?arrow_forwardIf education has private benefits to an individualas well as external benefits to society, explain whya less-than-optimal amount of education occurs.arrow_forward
- Classify 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_forwardWhy does government intervention become necessary in the situation of market failure?arrow_forwardIllustrate graph (s) that show about the Private Cost in education with explanation.arrow_forward
- Please explain about the Private Benefit and Private Cost of education based on the photo given.arrow_forwardAs a student, what do you think is the medium of instruction that should be used in school? Explain why."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
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