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Calculate the number of students and the deadweight loss

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Reference no: EM131612501

Question: The table shows the demand for university education.

         Price                             Quantity
(dollars per student)          (students per year)

        6,000                             10,000

        5,000                             20,000

        4,000                             30,000

        3,000                             40,000

        2,000                             50,000

The marginal cost of educating a student is a constant $4,000 a year and education creates an external benefit of a constant $2,000 per student per year.

If all universities are private and the market for education is competitive, calculate the number of students, the tuition, and the deadweight loss.

Reference no: EM131612501

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