Question
In: Economics
Suppose a family with one child earns 40.000 TL per year and lives in a community...
- Suppose a family with one child earns 40.000 TL per year and lives in a community without publicly provided education. The price of education per year is 1000 TL and the price of other goods is 2000 TL. Initially, the family sends the child to school 8 years.
- Draw the family’s budget constraint and indifference curve and show the equilibrium point.
- Suppose now that there is free public education available for 8 years. Show the change in the family’s budget constraint.
- Suppose that the family decides to send the child to school 12 years, when the free public education of 8 years is introduced. Show the change in the family’s equilibrium point.
- Suppose now that the government subsidizes the family worth of 8 years of education (i.e. provides income equal to 8 years of education expenditure). Show the change in the family’s budget constraint.
Solutions
Rahul Sunny answered 9 months agoRelated Solutions
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a family business, with her husband and his brother. Julie has
three children same, aged 14; Katie, aged 12 and James aged 8.The
two older children attend boarding school and return home for
holidays. James is at home and attends the local primary school 50
km away.
Both Julie's boys have type 1 diabetes that she manages.
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