Determine the socially optimal amount of publicly

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Assume that students and non students have revealed their group demands for junior college education, a public good, as follows: Q=1500-0.25P, Student demand , Q=4000-P, non student demand, Where Q is the number of students educated per year and P is the price of tuition at the local 2-year junior college. 1. Calculated the aggregated demand for college education. 2. Assuming, MC=1000+Q, the marginal cost of education, determine the socially optimal amount of publicly-supported college education (hint: Demand=Supply)

Reference no: EM13769535

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