This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: In developing countries higher educational facilities have tended to expand to the point where ... (Read 99 times)

notis

  • Hero Member
  • *****
  • Posts: 596
on: Jun 30, 2018
In developing countries higher educational facilities have tended to expand to the point where social benefits exceed private benefits. What is the economic explanation for this?
 
  What will be an ideal response?

Question 2

In economic language, children may sometimes be considered an inferior good. What does that mean and why might it be true?
 
  What will be an ideal response?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

cloud

  • Sr. Member
  • ****
  • Posts: 343
Reply #1 on: Jun 30, 2018
Answer to Question 1

Supply and demand are not equated by a price adjusting market mechanism, but rather institutionally, through the state. Those with political influence seek to create subsidized education for their children.

Answer to Question 2

An inferior good is one for which smaller quantities are demanded at higher levels of income. The discussion should be framed in terms of greater opportunity cost of children when incomes rise and the substitution of quality of children (better health, education) for quantity.


notis

  • Member
  • Posts: 596
Reply 2 on: Jun 30, 2018
Great answer, keep it coming :)

steff9894

  • Member
  • Posts: 337
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

When taking monoamine oxidase inhibitors, people should avoid a variety of foods, which include alcoholic beverages, bean curd, broad (fava) bean pods, cheese, fish, ginseng, protein extracts, meat, sauerkraut, shrimp paste, soups, and yeast.

Did you know?

Amphetamine poisoning can cause intravascular coagulation, circulatory collapse, rhabdomyolysis, ischemic colitis, acute psychosis, hyperthermia, respiratory distress syndrome, and pericarditis.

Did you know?

The modern decimal position system was the invention of the Hindus (around 800 AD), involving the placing of numerals to indicate their value (units, tens, hundreds, and so on).

Did you know?

Signs and symptoms of a drug overdose include losing consciousness, fever or sweating, breathing problems, abnormal pulse, and changes in skin color.

Did you know?

Chronic marijuana use can damage the white blood cells and reduce the immune system's ability to respond to disease by as much as 40%. Without a strong immune system, the body is vulnerable to all kinds of degenerative and infectious diseases.

Effect of changing a set point for hypothalamic values Effect of changing a set point for hypothalamic values
In countries where water can be contaminated, breastfeeding is an important option for the health of ... In countries where water can be contaminated, breastfeeding is an important option for the health of ...
For centuries, widows in the Mediterranean countries, such as thise widow in Greece, were expected ... For centuries, widows in the Mediterranean countries, such as thise widow in Greece, were expected ...
A typical camshaft-driven high-pressure pump used to increase fuel pressure to 2,000 PSI or higher. A typical camshaft-driven high-pressure pump used to increase fuel pressure to 2,000 PSI or higher.
How to use implicit differentiation with higher order derivatives How to use implicit differentiation with higher order derivatives
The developed countries must reduce the level of greenhouse gas emissions The developed countries must reduce the level of greenhouse gas emissions
Video: Factors that increase metabolic rate and heat production

For a complete list of videos, visit our video library