Use a single well-labeled diagram to illustrate the DWL, if any, associated with an individual deciding on how many years of education (denoted by x) to get. Assume that (i) every year of education gotten has only positive externalities on the society, (ii) the marginal cost curve is horizontal, (iii) the marginal benefit curve is downward sloping, and (iv) the marginal external benefit of getting education falls with additional years of education increases

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(2 Use a single well-labeled diagram to illustrate the DWL, if any, associated with an individual deciding
on how many years of education (denoted by x) to get. Assume that (i) every year of education gotten has
only positive externalities on the society, (ii) the marginal cost curve is horizontal, (iii) the marginal
benefit curve is downward sloping, and (iv) the marginal external benefit of getting education falls with
additional
years of education increases
Transcribed Image Text:(2 Use a single well-labeled diagram to illustrate the DWL, if any, associated with an individual deciding on how many years of education (denoted by x) to get. Assume that (i) every year of education gotten has only positive externalities on the society, (ii) the marginal cost curve is horizontal, (iii) the marginal benefit curve is downward sloping, and (iv) the marginal external benefit of getting education falls with additional years of education increases
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