Use the grey quadrilateral (star symbols) to shade the area representing the direct costs of attending college for four years. Then use the purple quadrilateral (diamond symbols) to shade the area representing the opportunity cost of attending college for four years rather than entering the work force immediately after completing high school. Finally, use the green quadrilateral (triangle symbols) to shade the area representing the difference in earnings between college graduates and high school graduates between the ages of 22 and 34. Hint: Be sure that the coordinates of the end points of the quadrilaterals are exactly the same as the coordinates of the areas they are to cover. Once the quadrilateral is in place, click on it to show the value of the shaded area. EARNINGS AND COST (Thousands of dollars) 100 80 60 College Direct Costs 40 High School 20 Opportunity Cost -20 -40 -60 -80 -100 18 20 22 24 28 28 30 32 34 AGE (Years) Benefits The previous graph shows that the benefit in earnings from going to college is S $ ? , while the total cost of going to college is It is difficult to measure nonmonetary benefits of various jobs, but students who want to maximize monetary benefits their own human capital. want to invest in

Use the grey quadrilateral (star symbols) to shade the area representing the direct costs of attending college for four years. Then use the purple quadrilateral (diamond symbols) to shade the area representing the opportunity cost of attending college for four years rather than entering the work force immediately after completing high school. Finally, use the green quadrilateral (triangle symbols) to shade the area representing the difference in earnings between college graduates and high school graduates between the ages of 22 and 34. Hint: Be sure that the coordinates of the end points of the quadrilaterals are exactly the same as the coordinates of the areas they are to cover. Once the quadrilateral is in place, click on it to show the value of the shaded area. EARNINGS AND COST (Thousands of dollars) 100 80 60 College Direct Costs 40 High School 20 Opportunity Cost -20 -40 -60 -80 -100 18 20 22 24 28 28 30 32 34 AGE (Years) Benefits The previous graph shows that the benefit in earnings from going to college is S $ ? , while the total cost of going to college is It is difficult to measure nonmonetary benefits of various jobs, but students who want to maximize monetary benefits their own human capital. want to invest in

Macroeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506756

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter2: Some Tools Of The Economist

Section: Chapter Questions

Problem 14CQ

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In a tradeoff between two decision criteria such as ease of commuting and attractiveness of job, can you use money as a common denominator to estimate precise tradeoffs? State your reasons. Illustrate using the following tradeoff matrix. What sort of salary differences would it take for commute time to trump job attractiveness?Decision Criteria Monetary Issues Other IssuesCommute Time Medium MediumJob Attractiveness High Medium
Suppose the following graph shows the earnings trajectory of college-educated workers (orange line) and of workers with only a high school diploma (blue line), through age 34. Use the grey quadrilateral (star symbols) to shade the area representing the direct costs of attending college for four years. Then use the purple quadrilateral (diamond symbols) to shade the area representing the opportunity cost of attending college for four years rather than entering the work force immediately after completing high school. Finally, use the green quadrilateral (triangle symbols) to shade the area representing the difference in earnings between college graduates and high school graduates between the ages of 22 and 34. Hint: Be sure that the coordinates of the end points of the quadrilaterals are exactly the same as the coordinates of the areas they are to cover. Once the quadrilateral is in place, dick on it to show the value of the shaded area. ? 100 8 8 8 8 EARNINGS AND COST (Thousands of…
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Suppose John has 24 hours in a day. He can spend his time either working at his job where he earns $20 per hour, or he could spend it doing leisure (everything else, including sleeping). a) Using the labor-leisure choice model, draw a graph that shows his optimum labor supply would be 10 hours a day (with $0 non-labor income). Make sure your graph is completely labeled. b) On the same graph, show what would happen if he receives $100 a day in non-labor income. Breifly explain what is happening in words.
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Do you believe or think PPP(Public Private Partnership) could be a game changer in the post covid HR development?
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