If the government offers vouchers to students and values them so that the efficient number of students will enroll, what is the value of the voucher? Use the following information to work Problems 5 to 7. The marginal cost of educating a college student online is $3,000 a year. Table 1 shows the marginal private benefit schedule from a college education. The marginal external benefit is 50 percent of the marginal private benefit.

Table 1

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TABLE 1 Students (millions per year) 1 23456 Marginal private benefit (dollars per student per year) 6,000 5,000 4,000 3,000 2,000 1,000