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College Education and The Economy - Essay Example

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Summary
The demand of a good or service in a market characterizes the amount that consumers are ready and able to buy (Samuelson & Marks, 2012). Furthermore, the…
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College Education and The Economy
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College Education and The Economy

Download file to see previous pages... However, this case shows a situation where the demand of college education does not decrease despite the drastic increase in the tuition fees.
As mentioned, the increase in tuition fee is expected to discourage the demand for college education for most people in the economy. This would portray a free market economy where prices determine the demand. However, the students in need of education have various expectations about their future economic status and career prospects. Consequently, the students observe their education based on prospective future gain in labor and wages. This is considered as the future economic rewards to education (Samuelson & Marks, 2012). Therefore, its demand increases influencing the enrollment in various colleges across the country. As a result, the increase in the price of college education over the last 30 years in the U.S has not affected the demand for the education from the high school graduates and nationwide college enrollments.
The U.S government does not support its citizen’s education directly. Instead, it provides its support through the provision of loans and grants to the students over the period of four years for a standard degree course. After the completion of the college education, the former students are required to repay the loans extended to them at a given subsidized interest rate. As a result, the U.S government does not have control over the patters of change in the college tuition fee.
The first graph shows the price of college education against the quantity provided, Q1. The supply of education has remained constant with minimal improvements in the existing educational institutions. Therefore, the supply curve is represented by S. the demand curve, D1 shows the present demand for college education. The need for education from the numerous high school graduates has increased its demand. This is indicated by a shift of the demand curve to the right from D1 to D2. Since the ...Download file to see next pagesRead More
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