Why are textbooks so expensive? Thousands of U.S. students ask the same question, when they enter colleges and universities. Statistically, students in public universities and colleges spend up to 44% of their tuition and fees on textbooks. Many students simply cannot afford buying expensive textbooks and, for this reason, do not continue their education at all. Home Glass Repair Chandler decided to look closer at the problem of expensive college textbooks and decide whether universities and students can face and overcome this issue.
At the heart of the expensive textbooks problem is the growing number of used books in the market, as well as the peculiarities of the textbook market and the lack of competition. Home Glass Repair Chandler has found that the market of college textbooks is dominated by a few large publishers who, altogether, produce almost 80% of all textbooks in the United States. It is no wonder that they enjoy a privileged position and can easily drive prices and earn unprecedented profits. The main peculiarity of the college textbook market is in that consumers (students) do not actually choose what they want to buy. Faculty decides what textbooks college students must have. All students can do is to find the cheapest option. It should be noted, that because all students need textbooks, the price elasticity of books is extremely low. In other words, Home Glass Repair Chandler believes that students will keep purchasing expensive textbooks, because they cannot study without them.
In this situation, and to help students reduce their financial costs, higher education institutions should closely monitor changes in college textbook markets and negotiate the price of new textbooks with publishers. Colleges should allow students to develop book rental networks and expand the availability of digital textbook contents.