Questions: Tuition (per Year) Enrollment Demanded (Millions per Year) 40,000 1 35,000 2 30,000 3 25,000 4 20,000 5 15,000 6 10,000 7 5,000 8 a. If tuition is set at 25,000, how many students will enroll? 4 million students Now suppose that society gets an external benefit of 5,000 for every enrolled student. b. Draw the social and market demand curves for this situation on the graph below.

Tuition (per Year) Enrollment Demanded (Millions per Year) 40,000 1 35,000 2 30,000 3 25,000 4 20,000 5 15,000 6 10,000 7 5,000 8 a. If tuition is set at 25,000, how many students will enroll? 4 million students Now suppose that society gets an external benefit of 5,000 for every enrolled student. b. Draw the social and market demand curves for this situation on the graph below.
Transcript text: \begin{tabular}{c|c} Tuition (per Year) & \begin{tabular}{c} Enrollment Demanded \\ (Lillions per Year) \end{tabular} \\ \hline$\$ 40,000$ & 1 \\ 35,000 & 2 \\ 30,000 & 3 \\ 25,000 & 4 \\ 20,000 & 5 \\ 15,000 & 6 \\ 10,000 & 7 \\ 5,000 & 8 \\ \hline \end{tabular} Instructions: Enter your responses as a whole number. a. If tuition is set at $\$ 25,000$, how many students will enroll? $\square$ 4 million students Now suppose that society gets an external benefit of $\$ 5,000$ for every enrolled student. b. Draw the soclal and market demand curves for this situation on the graph below. Instructions: Use the tools provided 'DM' and 'DS' to draw the market demand (DM) and social demand (DS) curves (plot 8 points total for each curve). College Market
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Solution

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Solution Steps

Step 1: Determine Enrollment at $25,000 Tuition
  • From the table, find the enrollment demanded when tuition is $25,000.
  • At $25,000 tuition, the enrollment demanded is 4 million students.
Step 2: Calculate Social Demand Curve
  • Society gets an external benefit of $5,000 for every enrolled student.
  • Adjust the tuition values by subtracting $5,000 to reflect the social benefit.
  • New tuition values for social demand curve:
    • $40,000 - $5,000 = $35,000
    • $35,000 - $5,000 = $30,000
    • $30,000 - $5,000 = $25,000
    • $25,000 - $5,000 = $20,000
    • $20,000 - $5,000 = $15,000
    • $15,000 - $5,000 = $10,000
    • $10,000 - $5,000 = $5,000
    • $5,000 - $5,000 = $0
Step 3: Plot Market and Social Demand Curves
  • Plot the market demand (DM) curve using the original tuition and enrollment data.
  • Plot the social demand (DS) curve using the adjusted tuition values and the same enrollment data.

Final Answer

  • At $25,000 tuition, 4 million students will enroll.
  • The market demand (DM) curve points are:
    • (1, 40)
    • (2, 35)
    • (3, 30)
    • (4, 25)
    • (5, 20)
    • (6, 15)
    • (7, 10)
    • (8, 5)
  • The social demand (DS) curve points are:
    • (1, 35)
    • (2, 30)
    • (3, 25)
    • (4, 20)
    • (5, 15)
    • (6, 10)
    • (7, 5)
    • (8, 0)
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