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 purplequadrilateral (diamond symbols) to shade the area representing the opportunity cost of attending college for four years rather than entering the workforce immediately after completing high school. Finally, use the green quadrilateral (triangle symbols) to shade the area representing the difference inearnings 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. Oncethe quadrilateral is in place, dick on it to show the value of the shaded area.?1008 888EARNINGS AND COST (Thousands of dollars)8.8 8 8-1001820URS24AGE (Years)CollegeHigh School30Direct CostsOpportunity CostBenefitsThe previous graph shows that the benefit in earnings from going to college iswhile the total cost of going to college isIt is difficult to measure nonmonetary benefits of various jobs, but students who want to maximize monetary benefitstheir own human capital.want to invest in

Answers Here i have assumed approx values of earnings after college education and earning without…

EARNINGS AND COST (Thousands of dollars) 100 40 -100 8 24 AGE (Years) 201 College High School Direct Costs Opportunity Cost Benefits The previous graph shows that the benefit in earnings from going to college is 5 while the total cost of It is difficult to measure nonmonetary benefits of various jobs, but students who want to maximize monetary benefits their own human capital,

EARNINGS AND COST (Thousands of dollars) 100 40 -100 8 24 AGE (Years) 201 College High School Direct Costs Opportunity Cost Benefits The previous graph shows that the benefit in earnings from going to college is 5 while the total cost of It is difficult to measure nonmonetary benefits of various jobs, but students who want to maximize monetary benefits their own human capital,

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: c. A software developer produces software programs (one unit of output) which produce revenue of…

A: Profit maximization is the process where a company determines the price and quantity of goods or…

Q: The following is cost information for the Creamy Crisp Donut Company. Entrepreneur's potential…

A: The economic cost is the sum of all losses of any goods that have a monetary value attached to them…

Q: 1. Look up the following currencies in the New York Times or any reliable source (any October 2020…

A: Foreign exchange market is a global marketplace where exchange rate of foreign currencies around the…

Q: How would you recommend a high school student develop soft skills as an investment in their human…

A: Personal characteristics and attitudes that enable you to excel in the workplace, college, and life…

Q: 8. Study Questions and Problems #7 If someone's health declines, due to sickness or injury, their…

A: When someone's health declines due to sickness or injury, it has significant implications for their…

Q: On Chapter 5, Human Resource Planning and Recruitment under The Human Resource Planning Process –…

A: Foreseeing the demand and supply of labor later on requires a comprehension of business…

Q: Number of Workers 0 1 2 3 4 5 6 Marginal Output Product of Labor 0 76 92 181 205 225 24 Value of…

A: Marginal product of labor refers to change in total product with change in labour input.

Q: A job is a contract between a OA. bank; household; capital OB. manufacturer; retailer;…

A: The different factors of production include capital, land, labour, and entrepreneurs. These are…

Q: QUESTION 6 "The effect of having a brother on monthly earnings is $200." Why is this an example of…

A: 6) A causal statement is when one variable influences the other variable which leads to a decrease…

Q: 2: Factor (labor) market: Jane runs a nursery. The more nursery workers she hires, the more flowers…

Q: The Raleigh City Council has just voted to levy a sizable per-garage-space tax on single family…

A: The housing sector, which includes real estate purchase, auctions, and building, is critical to the…

Q: 1.Explain in detail various traits qualities and skills that employers look for in an employee in a…

A: Employers are people, groups, or organizations that employ others to carry out particular duties or…

Q: MP and MRP and Profit-Maximization Questions: If tacos sell for $2.50, and wage=$12.50, answer…

A: Marginal product refers to the additional unit produced by adding one more unit of input .

Q: How is the value of marginal product of labor (VMPL) defined? a.Price of output multiplied by the…

A: the marginal product of labour (MPL) is the change in the output due to one additional worker/labour…

Q: A job is a contract between a and a A. bank; household; capital B. manufacturer; retailer;…

Q: According to the figure, how many workers would be hired if the prevailing wage were Instructions:…

A: For a salary of $14 per hour, we identify the point on the MRP line that corresponds to $14 on the…

Question

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 dollars)
8.
8 8 8
-100
18
20
U
RS
24
AGE (Years)
College
High School
30
Direct Costs
Opportunity Cost
Benefits
The previous graph shows that the benefit in earnings from going to college is
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

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Solution

VIEW

Step 2: Solution

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Renewable And Exhaustible Natural Resources

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

The accompanying table shows how total donations, average donations, total labor costs, and average labor costs vary depending on the number of employees State U hires for its fundraising activities: Number of Employees Total DonationsAverage Donations Total Labor CostsAverage Labor Costs 1 2 $ 30,000 42,426 $ 8,000 3 $ 17,321 $ 17,000 27,000 4 60,000 9,500 5 13,416 50,000 The net benefit of hiring fundraisers is largest when employees are hired. Select one: a. 1 b. 2 c. 3 d. 4
QUESTION 18 Use the information provided in Table 7.2 below to answer the question(s) that follow. Table 7.2 Inputs Required to Produce a Product Using Alternative Technologies Technology Units of Capital Number of Employees 16 8 12 8 6 ABCD 6222 12 20 24 Refer to Table 7.2. Which technology is the most labor intensive? A
What is the output of the 8th worker? Group of answer choices: 0 -10 10 5
Baghiben
Marginal Produt and Resources How would you determine the demand for a factor of production? What factors influence the supply and demand for labor? Examine how those factors impact market demand for labor. How do labor unions try to increase the demand for labor? What has made labor unions such an integral part of the workforce? What is the difference between the rates of return for a renewable and nonrenewable resource? How do the rates of return on capital and land differ between a renewable resource and nonrenewable resource? How does the growing demand for food, fuel, and export affect the market for land?
i will 10 upvotes.