Exhibit 17-8
-Exhibit 17-8 represents the consumer market for higher education.If people base their education decisions only on the marginal private benefit of education,how many years of education will they get?

Question

Exhibit 17-8 
-Exhibit 17-8 represents the consumer market for higher education.If people base their education decisions only on the marginal private benefit of education,how many years of education will they get?

Quizplus · Accepted Answer

Based on the marginal private benefit of education, individuals will continue to pursue education until the marginal private benefit equals the marginal cost. At 4 years of education, the marginal private benefit intersects with the marginal cost, indicating that individuals will pursue education up to this point. Beyond this point, the marginal cost of education exceeds the marginal benefit, leading individuals to stop pursuing education.

Exhibit 17-8 -Exhibit 17-8 Represents the Consumer Market for Higher Education.If People