The median earnings for a 25 to 34 year old, full-time, year round worker with a high school education was about $31,830 in 2016, while similar workers with a bachelor's degree (but no further education) earned $49,990, and as a result, they pay more income tax. a. There is a private benefit for individuals who attend college and earn a bachelor's degree. b. Does an individual's attainment of a bachelor's degree generate an externality? There is no way to determine whether there is an externality in this case. No externality exists because all of the benefits of a college education are private. A positive externality exists because college educated individuals pay higher taxes and are often considered more valuable to employers than individuals without college diplomas. A negative externality exists because individuals who receive a bachelor's degree could have spent the time working instead of attending college. c. The private market for college education results in bachelor's degrees relative to the socially efficient outcome. too few individuals going to college to earn

The median earnings for a 25 to 34 year old, full-time, year round worker with a high school education was about $31,830 in 2016, while similar workers with a bachelor's degree (but no further education) earned $49,990, and as a result, they pay more income tax. a. There is a private benefit for individuals who attend college and earn a bachelor's degree. b. Does an individual's attainment of a bachelor's degree generate an externality? There is no way to determine whether there is an externality in this case. No externality exists because all of the benefits of a college education are private. A positive externality exists because college educated individuals pay higher taxes and are often considered more valuable to employers than individuals without college diplomas. A negative externality exists because individuals who receive a bachelor's degree could have spent the time working instead of attending college. c. The private market for college education results in bachelor's degrees relative to the socially efficient outcome. too few individuals going to college to earn

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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