ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
Bartleby Related Questions Icon

Related questions

Question

Solve all this question compulsory......

Higher education is a place where we see some, but not complete, diversification in investment. That is, most colleges require
a set of diverse "core" classes, but students must choose and, to some extent, specialize in a specific major. Classify each of
the given as either a benefit or cost of diversification in college course choice.
benefit
Answer Bank
cost
expand button
Transcribed Image Text:Higher education is a place where we see some, but not complete, diversification in investment. That is, most colleges require a set of diverse "core" classes, but students must choose and, to some extent, specialize in a specific major. Classify each of the given as either a benefit or cost of diversification in college course choice. benefit Answer Bank cost
You get a degree that involves using a specific piece of technology. Three years after you get your degree, new technology is invented that makes your
job unnecessary. You have to change careers, and your new career uses some skills that you learned in your core classes.
Some students may have had to learn to use the slide rule in classes that were unrelated to their major. For some of these students, the electronic
calculator would have made the slide rule obsolete even before they finished their degrees.
Your college requires you to take at least one philosophy class. Unfortunately, you loathe philosophy with every ounce of your being.
A leading business newspaper recently reported that nursing majors have an unemployment rate of around 2% while clinical
psychology majors have an unemployment rate of over 19%. Suppose school officials want to maximize student welfare and
view clinical psychology as being a "riskier" major (in terms of getting a job using those skills) than is nursing.
Holding all else equal, which of the following changes should school officials make to maximize student welfare?
☐ Require clinical psychology majors to take more classes outside of their field than nursing majors.
Make nursing and clinical psychology majors take the same number of classes outside of their fields.
Require clinical psychology majors to take fewer classes outside of their field than nursing majors.
expand button
Transcribed Image Text:You get a degree that involves using a specific piece of technology. Three years after you get your degree, new technology is invented that makes your job unnecessary. You have to change careers, and your new career uses some skills that you learned in your core classes. Some students may have had to learn to use the slide rule in classes that were unrelated to their major. For some of these students, the electronic calculator would have made the slide rule obsolete even before they finished their degrees. Your college requires you to take at least one philosophy class. Unfortunately, you loathe philosophy with every ounce of your being. A leading business newspaper recently reported that nursing majors have an unemployment rate of around 2% while clinical psychology majors have an unemployment rate of over 19%. Suppose school officials want to maximize student welfare and view clinical psychology as being a "riskier" major (in terms of getting a job using those skills) than is nursing. Holding all else equal, which of the following changes should school officials make to maximize student welfare? ☐ Require clinical psychology majors to take more classes outside of their field than nursing majors. Make nursing and clinical psychology majors take the same number of classes outside of their fields. Require clinical psychology majors to take fewer classes outside of their field than nursing majors.
Expert Solution
Check Mark
Knowledge Booster
Background pattern image
Economics
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
Text book image
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:9780190931919
Author:NEWNAN
Publisher:Oxford University Press
Text book image
Principles of Economics (12th Edition)
Economics
ISBN:9780134078779
Author:Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:PEARSON
Text book image
Engineering Economy (17th Edition)
Economics
ISBN:9780134870069
Author:William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:PEARSON
Text book image
Principles of Economics (MindTap Course List)
Economics
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Text book image
Managerial Economics: A Problem Solving Approach
Economics
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Cengage Learning
Text book image
Managerial Economics & Business Strategy (Mcgraw-...
Economics
ISBN:9781259290619
Author:Michael Baye, Jeff Prince
Publisher:McGraw-Hill Education