Some economists suggest that an extra year of education increases a persons wages, on
Chapter 3, Problem 50(choose chapter or problem)
Some economists suggest that an extra year of education increases a persons wages, on average, by about 14%. Assume you could make $10 per hour with your current level of education and that inflation increases wages at a continuous rate of 3.5% per year. (a) How much would you make per hour with four additional years of education? (b) What is the difference between your wages in 20 years time with and without the additional four years of education? (c) Is the difference you found in part (b) increasing with time? If so, at what rate? (Assume the number of additional years of education stays fixed at four.)
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