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Suppose That Both the Local Government and a For-Profit Business

question 7

Essay

Suppose that both the local government and a for-profit business run primary schools. The local government provides free education while the business charges fees. Everything else - students, teachers wages, and facilities - is the same. (a) Compare the value added of the two service providers. (b) If the teachers union increases wages for all teachers, in both government and for-profit schools, how would that affect the value added?


Definitions:

Bromine

A halogen element with the symbol Br and atomic number 35, known for its red-brown color and use in flame retardants and other chemicals.

Hydrogens

Atoms that consist of one proton and, in most cases, one electron, forming the most abundant chemical substance in the universe.

Equilibrium Constant

A number that expresses the relationship between the concentrations of products and reactants of a reaction at equilibrium under given conditions.

ΔG°

The standard Gibbs free energy change for a reaction, indicating the spontaneity of the process under standard conditions.

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