ECON600 assignment 11 latest
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Samuelson and Marks, Discussion Question, p. 241.
Over the last 30 year in the US, the real price of a college
education (i.e. after adjusting for inflation) has increased by almost 70
percent. Over the same period, an increasing number of high school graduates
have sought a college education. (Nationwide college enrollments almost doubled
over this period.) While faculty salaries have barely kept pace with inflation,
administrative staffing (and expenditures) and capital costs have increased
significantly. In addition, government support to universities (particularly
research funding) has been cut.
a. College enrollments increased at the same time that average
tuition rose dramatically. Does this contradict the law of downward-sloping
demand? Explain briefly.
b. Use supply and demand curves (or shifts therein) to explain the
dramatic rise in the price of a college education.
Complete this essay in a Microsoft Word document, with a
minimum of 300 words, APA formatted and then submit it as Assignment 11 by
midnight, Day 7.
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