Please help with #9 and 10thank you Consult the table below, and answer the following questions:SchoolingSalary$18500$21000$23000$24800910111213141. What is the marginal rate of return for the 10th year of schooling in absolute terms?a. $2500b. $21000C. -$2500d. Uncertain without knowing the price of tuition.2. If this person's discount rate is 4%, how many years should they attend school?(Hint: convert the MRR to percentage terms)a. 9 yearsb.$26200$2700010 years11 years12 yearse. 13 yearsf.14 yearsc.d.3. If instead their discount rate were 8%, how many years should they attend school?a. 9 yearsb. 10 yearsc. 11 yearsd.12 yearse. 13 yearsf. 14 years4. Short answer: why can't we simply compare earnings of high school graduates tocollege graduates to estimate the effect of a college education on earnings? 5. Short answer: why might it be better to look at twins with different levels ofeducation instead?6. Using a 5% discount rate, what is the present value of receiving $10,000 today,$10,000 in one year, and $20,000 in three years? (Hint: PV=FV/(1+r)')a. $30,000.00b. $28,162.19c. $28,594.10d. $27,000.007. Which would be better at a 10% discount rate: (1) $61,445.67 today, or (2)$10,000/year starting next year and lasting for 10 years?a. The lump sum todayb. The 10 annual paymentsc. Impossible to telld.They are equivalent8. If Albert has a 1% discount rate and Bob has a 2% discount rate, all else equal, whowould we expect to choose more years of schooling?a. Albertb.Bobc. They will choose the same number of yearsd. Unable to tell with this information9. All else equal (including their discount rates), if Albert now has a higher level ofinnate ability than Bob, who do we expect to choose more years of schooling?a. Albertb.Bobc. They will choose the same number of yearsd. Unable to tell with this information10. Why might it be that college graduates tend to earn more than other workers withthe same number of course credit hours, so only receipt of a degree is different?a. The non-graduate must have taken only the easiest classes and failed tosatisfy their degree requirementsb. Upper-level courses are more difficult and therefore more beneficialc. Upper-level professors are more effective thand. The non-graduate has no degree to act as a signal, sheepskin effects

Q9. If a person has higher innate ability would we expect them to have less years of schooling or…

9. All else equal (including their discount rates), if Albert now has a higher level of innate ability than Bob, who do we expect to choose more years of schooling? a. Albert b. Bob c. They will choose the same number of years d. Unable to tell with this information 10. Why might it be that college graduates tend to earn more than other workers with the same number of course credit hours, so only receipt of a degree is different? a. The non-graduate must have taken only the easiest classes and failed to satisfy their degree requirements b. Upper-level courses are more difficult and therefore more beneficial c. Upper-level professors are more effective than d. The non-graduate has no degree to act as a signal, sheepskin effects

9. All else equal (including their discount rates), if Albert now has a higher level of innate ability than Bob, who do we expect to choose more years of schooling? a. Albert b. Bob c. They will choose the same number of years d. Unable to tell with this information 10. Why might it be that college graduates tend to earn more than other workers with the same number of course credit hours, so only receipt of a degree is different? a. The non-graduate must have taken only the easiest classes and failed to satisfy their degree requirements b. Upper-level courses are more difficult and therefore more beneficial c. Upper-level professors are more effective than d. The non-graduate has no degree to act as a signal, sheepskin effects

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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