What is education production function?
An educational production function is the relationship between school. and student inputs and a measure of school output.Click to see full answer. Also to know is, what is education production function theory?The education production function (EPF) underlies all quantitative research on the effects of school resources. The EPF is rooted in the economic theory of…
An educational production function is the relationship between school. and student inputs and a measure of school output.Click to see full answer. Also to know is, what is education production function theory?The education production function (EPF) underlies all quantitative research on the effects of school resources. The EPF is rooted in the economic theory of production and is defined as all the combinations of inputs that produce any given set of school outputs (e.g., test scores).One may also ask, what are the economic functions of education? Education raises people’s productivity and creativity and promotes entrepreneurship and technological advances. In addition it plays a very crucial role in securing economic and social progress and improving income distribution. Accordingly, what do you mean by demand for education? Private demand means the enrolment of individuals in an educational system. Social demand refers to the total number of persons enrolled in an educational system. The criterion for investing in education is that when marginal cost of education equals the marginal benefit obtained from education.What are the factors affecting demand for education?The seven extracted factors (Psychological/Individual, Occupational I, Occupational II, Economic, Consumption, Secondary School Subjects, and Significant Others) were found to cover a wide range of potential influences on the demand for higher education.
