Microeconomics (13th Edition)
13th Edition
ISBN: 9780134744476
Author: Michael Parkin
Publisher: PEARSON
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Question
Chapter 17, Problem 8SPA
To determine
Tuition that achieves efficient number of students.
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Please explain about the Private Benefit and Private Cost of education based on the photo given.
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Chapter 17 Solutions
Microeconomics (13th Edition)
Ch. 17.1 - Prob. 1RQCh. 17.1 - Prob. 2RQCh. 17.2 - Prob. 1RQCh. 17.2 - Prob. 2RQCh. 17.2 - Prob. 3RQCh. 17.2 - Prob. 4RQCh. 17.3 - Prob. 1RQCh. 17.3 - Prob. 2RQCh. 17.3 - Prob. 3RQCh. 17.4 - Prob. 1RQ
Ch. 17.4 - Prob. 2RQCh. 17.4 - Prob. 3RQCh. 17.4 - Prob. 4RQCh. 17 - Prob. 1SPACh. 17 - Prob. 2SPACh. 17 - Prob. 3SPACh. 17 - Prob. 4SPACh. 17 - Prob. 5SPACh. 17 - Prob. 6SPACh. 17 - Prob. 7SPACh. 17 - Prob. 8SPACh. 17 - Prob. 9SPACh. 17 - Prob. 10APACh. 17 - Prob. 11APACh. 17 - Prob. 12APACh. 17 - Prob. 13APACh. 17 - Prob. 14APACh. 17 - Prob. 15APACh. 17 - Prob. 16APACh. 17 - Prob. 17APACh. 17 - Prob. 18APACh. 17 - Prob. 19APACh. 17 - Prob. 20APACh. 17 - Prob. 21APACh. 17 - Prob. 22APACh. 17 - Prob. 23APACh. 17 - Prob. 24APACh. 17 - Prob. 25APACh. 17 - Prob. 26APACh. 17 - Prob. 27APACh. 17 - Prob. 28APACh. 17 - Prob. 29APACh. 17 - Prob. 30APA
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- Application Kindly explain. Suppose education has external benefits. Explain the implication of private schools being subsidized by the government. Could a better outcome be achieved if education were provided by the government?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_forwardIs 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?arrow_forward
- Please explain about the Private Cost and Private Benefit based on the concept of the photo of education.arrow_forwardWhat is the difference between the PRIVATE COST and the SOCIAL COST of education?arrow_forwardThe table gives information about the benefits of a trade school education. Marginal private benefit Marginal social benefit Quantity (students (dollars per student per year) per year) 100 10,000 13,000 200 9,000 12,000 300 8,000 11,000 400 7,000 10,000 500 6,000 9,000 If tuition is $10,000 per student per year, what is the value of the voucher that will encourage the efficient number of students to enroll? The government needs to provide vouchers of $ Type per student per year.arrow_forward
- Use the graph attached below as a starting point (either download it or print it out). Add curves, labels, etc. to this graph in order to show the following: 1. Show that this good has a $4/unit negative externality (external cost), such as pollution. 2. Shade the area that represents the Deadweight Loss (lost gains from trade) caused by the external cost. 3. Show a tax or subsidy wedge (whichever you think is appropriate) that will solve the problem of the external cost. 4. Show the socially optimal level of production that the Pigouvian tax or subsidy above will help the market to achieve. You may use software or pencil and paper to complete this graph. Upload it here when you are done.arrow_forwardThe south African government develops targets that pertain to healthcare and education. Which of the following statements explains why government provides these two goods? A. The benefit to society of healthcare and education is extremely low. B. The benefits that society receives from health care and education exceed those that accrue to an individual user. C . The government spends money on health care and education because they are public goods D. Health care and education only produce negative externalities.arrow_forwardIllustrate graph (s) that show about the Private Cost in education with explanation.arrow_forward
- B. The figure below shows the market for education. 20 S- MSC: 12 MSE D- MD 2 4 10 Quantity (millions of students per yeorl i. 'Education has externalities'. Explain this statement. ii. If the market is competitive and left unregulated, how many students will be enrolled per year? Are the resources allocated efficiently when such number of students are enrolled per year? Explain using the graph above. iii. In the figure above, what kind of government intervention is required to achieve the optimal or efficient number of students? What is the optimal number of students? How much intervention needed to achieve the optimal number of students? luian arc cost lihousa-cs of delan per stdentarrow_forwardLet the supply and demand for widgets be given by the following schedule. Price: 3, 4, 5, 6, 7, 8, 9, 10, 11 Quantity Supplied: 100, 200, 300, 400, 500, 600, 700, 800, 900 Quantity Demanded: 900, 800, 700, 600, 500, 400, 300, 200, 100 a. What quantity will be produced here? b. What quantity is efficient if there are no external costs or benefits? c. What quantity is efficient if there is an external cost of $6 per unit from pollution caused by the widget factories?arrow_forwardWhich of the following is the best example of a public good in a classroom? Select one: a. anything that is provided free by the government b. a copy of the textbook c. a student's notes d. the temperature in the room e. a pencilarrow_forward
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