Education can bring significant benefits to society, not only through higher employment opportunities and income but also via enhanced skills, improved social status and access to networks. By fully recognising the power of education, policy makers could better address diverse societal challenges. - OECD (2013), "What Are the Social Benefits of Education?", Education Indicators in Focus, No. 10, OECD Publishing, Paris, https://doi.org/10.1787/5k4ddxn139vk-en. The excerpt above shows the benefit from education that not only applies to individuals but also the society they live in. a) From your understanding on market failures, draw a correctly labelled (15 Marks) graph for the education market and show each of the following. i. Private market equilibrium quantity and price of education. ii. Socially optimal quantity of education. iii. Deadweight loss at the market equilibrium. b) Which types of market failure could you identify in part a)? Discuss (10 Marks) business response to this market failure and government intervention