1. Assume that human capital skills from education decay over time because the knowledge gained by young students becomes obsolete as technology becomes increasingly complex over the years. What happens to a worker's optimal amount of schooling if this depreciation or rate of decay increases? (Hint: remember the marginal benefit = marginal cost decision rule)
1. Assume that human capital skills from education decay over time because the knowledge gained by young students becomes obsolete as technology becomes increasingly complex over the years. What happens to a worker's optimal amount of schooling if this depreciation or rate of decay increases? (Hint: remember the marginal benefit = marginal cost decision rule)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter17: Production And Growth
Section: Chapter Questions
Problem 8PA
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