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The homework assignment for eco 101, including questions about definitions related to economics, education funding, costs and benefits of attending college, opportunity cost of obtaining education, occupational crowding, statistical discrimination, and the relationship between education and earnings.
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Instructions: Complete the following questions and turn in your solutions at the end of the class lecture on the date due. Remember to include your name and student number on your submitted document.
Question #1 – Definitions i. Direct cost ii. Indirect cost iii. Inefficiency iv. Investment in Human capital v. Human Capital vi. Minority vii. Prejudice viii. Discrimination ix. Statistical discrimination x. Occupational crowding xi. Affirmative action xii. Tokenism
Question #2 – Education and provision of Public Education
Question #3 – Education, direct costs, indirect costs, and net benefits a) - Consider the following diagram discussed in class:
Annual Earnings ($/ per year)
Age
D
B
C
A
65
0
(^18 )
Earnings with a bachelors degree
Earnings with only a high school degree
i) Which area represents the direct costs of going to college? ii) Which area represent the indirect costs of attending college? iii) Which area(s) represent the total earnings from attending college? iv) Which area(s) represent the total earnings from not attending college? v) What area represents the net benefit in earnings from attending college?
b) Consider the following information for someone who is considering whether or not they should go to college to get a bachelors degree:
With respect to the information given in this question plus the graph in part a), calculate the following: i) what is the value of area A? ii) what is the value of area B? iii) what is the value of area C? iv) what is the value of area D? v) What is the net benefit from going to college?