Discussing economics, costs, pricing, and value of information, I shared how much the Newman Library at College pays for a one-year subscription to some of the library's databases. Some examples are: Wall Street Journal Digital Pass costs $71,400 per year New York Times Digital Pass costs $130,000 per year Factiva costs $27,603 per year Bloomberg Terminals cost $45,801 per year

The library receives academic pricing (a special, lower rate) which is based on providing access to 19,740 students, as well as, access to faculty and staff. These databases support the curriculum at College.

Respond to this question: What is your reaction to these prices? Considering the cost it is to produce a database, are you surprised? Do you think the prices for the databases are justified? Briefly explain why or why not.