Economics of higher education : background concepts and applications Intro Acknowledgments Contents About the Authors Chapter 1: Introduction Chapter 2: Overview of Economic Reasoning and Terminology Introduction Background How Economists Think and Do Their Work Assumptions Assumptions Review of Key Economic Concepts Comparative Statics Marginal Analysis Demand Supply and Competitive Markets Higher Education Markets Final Thoughts References Chapter 3: Student Investment in Higher Education Introduction Background Private Costs of College Private Benefits of College Net Present Value of College A Five Stage Model of the College Choice Process Extensions Policy Focus Final Thoughts Glossary References Chapter 4: Private and Social Returns to Higher Education Introduction Background Conducting Return on Higher Education Studies Aggregate Level Studies of the Return to College Private Return to Graduating College Social Return to Graduating College Return to Earning an Associate´s Degrees Return to Earning a Graduate Degree Private and Social Returns to Attending College Comparisons of Measures of Return to College Methodological Issues in Aggregate Level Studies Findings from Aggregate Level Studies Return to Bachelor´s Degrees Return to Associate´s Degrees Return to Graduate Degrees New Estimates of the Return to College Individual Level Studies of the Return to College Extensions Policy Focus Student Loans and Borrowing Final Thoughts Glossary References Chapter 5: Demand and Supply in Higher Education Introduction Background Demand for Higher Education Market Demand for Postsecondary Education Changes in Quantity Demanded Changes in Demand Supply of Postsecondary Education Changes in Quantity Supplied Changes in Supply.