Suppose the following graph shows the earnings trajectory of college-educated workers (orange line) and of workers with only a high school diploma(blue line), through age 34.Use the grey quadrilateral (star symbols) to shade the area representing the direct costs of attending college for four years. Then use the purplequadrilateral (diamond symbols) to shade the area representing the opportunity cost of attending college for four years rather than entering the workforce immediately after completing high school. Finally, use the green quadrilateral (triangle symbols) to shade the area representing the difference inearnings between college graduates and high school graduates between the ages of 22 and 34.Hint: Be sure that the coordinates of the end points of the quadrilaterals are exactly the same as the coordinates of the areas they are to cover. Oncethe quadrilateral is in place, dick on it to show the value of the shaded area.?1008 888EARNINGS AND COST (Thousands of dollars)8.8 8 8-1001820URS24AGE (Years)CollegeHigh School30Direct CostsOpportunity CostBenefitsThe previous graph shows that the benefit in earnings from going to college iswhile the total cost of going to college isIt is difficult to measure nonmonetary benefits of various jobs, but students who want to maximize monetary benefitstheir own human capital.want to invest in

Answers Here i have assumed approx values of earnings after college education and earning without…

EARNINGS AND COST (Thousands of dollars) 100 40 -100 8 24 AGE (Years) 201 College High School Direct Costs Opportunity Cost Benefits The previous graph shows that the benefit in earnings from going to college is 5 while the total cost of It is difficult to measure nonmonetary benefits of various jobs, but students who want to maximize monetary benefits their own human capital,

EARNINGS AND COST (Thousands of dollars) 100 40 -100 8 24 AGE (Years) 201 College High School Direct Costs Opportunity Cost Benefits The previous graph shows that the benefit in earnings from going to college is 5 while the total cost of It is difficult to measure nonmonetary benefits of various jobs, but students who want to maximize monetary benefits their own human capital,

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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