An economic model suggests that an additional year of education increases a student's future wages by 15 percent. Using this model, answer the following questions: a) Gary completes 8 years of education, and John completes 9 years of education.
If Gary earns 20 per hour, how much is John expected to earn? b) John completes 9 years of education, and Kevin completes 12 years of education. Given John's earnings as calculated in a), how much is Kevin expected to earn? c) Is there any limitation to such a model? Explain your answer.
Question 2
Refer to the scenario above. What is the expected value of the gamble?
A) 0
B) 50
C) 75
D) 100
brain model
A model for priority setting
Sample Student Externship Form
economic question
economic question
The Serial Numbers for Each Day of the Year