The Marginal Private Benefit and Cost of Education in China

Economics

Table of Contents
Question 1: The marginal private benefit and (demand) and marginal private cost (supply) of
education in China are described by ...............................................................................................3
Question 2: ......................................................................................................................................4
Question 3: Consider the apples in a small country. Domestic demand and supply is given by ....5
When government allows for international trade then equilibrium state changes from 6 units to 5
units. Therefore, equilibrium price decreases with increases in quantity. Under this condition,
winners are international companies who purchase apples on low price and sell it on high price.
While looser will be domestic country and buyers. .......................................................................6