15 This diagram shows the age-earnings profiles of three different individuals who optto choose three options: not graduating from high school, graduating from highschool, and graduating from a university.EarningsIncomestreamIncomestreamBIncomestream1618T22dAgeThe area labeled d) refers to:The explicit, out-of-pocket costs incurredThe opportunity costs incurred by someone who opted for income stream B (ahigh school graduate)The earnings premium earned by someone who opted for income stream B (ahigh school graduate) relative to a worker who did not obtain a high schooldiploma.The earnings premium earned by someone who opted for income stream C (auniversity graduate) relative to a worker who graduated from high school.

Given, Three age -earning profiles of three different individualsThree options : Not graduating…

This diagram shows the age-earnings profiles of three different individuals who opt to choose three options: not graduating from high school, graduating from high school, and graduating from a university.

This diagram shows the age-earnings profiles of three different individuals who opt to choose three options: not graduating from high school, graduating from high school, and graduating from a university.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

This diagram shows the age-earnings profiles of three different individuals who opt
to choose three options: not graduating from high school, graduating from high
school, and graduating from a university.
Earnings
Income
stream
Income
stream
B
Income
stream
16
18
T
22
d
Age
The area labeled d) refers to:
The explicit, out-of-pocket costs incurred
The opportunity costs incurred by someone who opted for income stream B (a
high school graduate)
The earnings premium earned by someone who opted for income stream B (a
high school graduate) relative to a worker who did not obtain a high school
diploma.
The earnings premium earned by someone who opted for income stream C (a
university graduate) relative to a worker who graduated from high school.

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