Primary school education is often used as an example of an activity which generates positive externalities. Let’s assume than in a particular country, all primary education is provided by the private sector and private demand is perfectly elastic at a price of $1,000 per student. Further assume that the marginal external benefit is constant at $100 per student. Use the additional information below to answer the following questions.a. Graphically depict the number of students that should be educated to maximize social welfare Briefly explainb. Devise a government subsidy that will induce private education providers to educate the socially optimal number of students. Provide a dollaramount for the subsidyc. Does it ever make sense to not educate some students? If the example were couchedin terms of a college education, would it ever make sense not to educate some students? Explain your answer. Distinguish between primary and secondaryeducation versus a post-secondary education.
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