Consider an economy where young adults choose to consume years of higher education as a way to increase their future expected income. The interal demand for can be written as Dint:P=6 - QD where price is in thousands of dollars. Colleges are willing to supply years of higher education according to S:P=1+(2/3)Q. In this case equilibrium years of schooling is and equilibrium price(in thousands) of a year of schooling is Part 2 (2 points) Now assume that parents of young adults derive happiness from their childrens' academic success and the prospect of a high-income child taking care of them in their old age. This scenario leads to a social demand curve represented by DSoc:P=(28/3)QD. In this scenario, using the same supply curve, equilibrium years of schooling is and equilibrium price for a year of schooling is Part 3 (1 point) If students do not internalize their parents' benefit, deadweight loss in this market is equal to Consider an economy where young adults choose to consume years of higher education as a way to increase their future expected income. The interal demand for can be written as Dint:P=6 - QD where price is in thousands of dollars. Colleges are willing to supply years of higher education according to S:P=1+(2/3)Q. In this case equilibrium years of schooling is and equilibrium price(in thousands) of a year of schooling is Part 2 (2 points) Now assume that parents of young adults derive happiness from their childrens' academic success and the prospect of a high-income child taking care of them in their old age. This scenario leads to a social demand curve represented by DSoc:P=(28/3)QD. In this scenario, using the same supply curve, equilibrium years of schooling is and equilibrium price for a year of schooling is Part 3 (1 point) If students do not internalize their parents' benefit, deadweight loss in this market is equal to