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Over the last 30 year i… Show more MORE INFO NEEDED for B

Paper help Economics Over the last 30 year i… Show more MORE INFO NEEDED for B

Economics

Over the last 30 year i… Show more MORE INFO NEEDED for B

Over the last 30 year i… Show more MORE INFO NEEDED for B – is there a model or mathematical representation? 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. • Show less

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