7The table shows cost data for producing differentamounts of higher education. The market for highereducation produces positive externalities in the formof more informed voters and higher rates oftechnological growth. Use the information in the tableto answer the questionSupplyPrice3183348632730333639× 39PrivateDemand373023169Private +SocialDemand5750433629How much higher education would we expect to beproduced in the free market?

Free market quantity of higher education is determined at the intersection of supply and private…

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How much higher education would we expect to be produced in the free market?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter12: Environmental Protection And Negative Externalities

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Question

7
The table shows cost data for producing different
amounts of higher education. The market for higher
education produces positive externalities in the form
of more informed voters and higher rates of
technological growth. Use the information in the table
to answer the question
Supply
Price
3
18
33
48
63
27
30
33
36
39
× 39
Private
Demand
37
30
23
16
9
Private +
Social
Demand
57
50
43
36
29
How much higher education would we expect to be
produced in the free market?

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