An economist might say that colleges and Universities "produce" education using faculty members and student as inputs. According to this line of reasoning education is then "consumed" by households. Construct a circular-flow diagram to represent the sector of the economy devoted to college education: colleges and University represent firms and households both consume education and provide faculty and students to Universities a. What is being bought and sold in eacb direction? what would happen in the diagram if the government decided to subsidize 50% of all college students' tuition