Contemporary Labor Economics
11th Edition
ISBN: 9781259290602
Author: Campbell R. McConnell, Stanley L. Brue, David Macpherson
Publisher: McGraw-Hill Education
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Question
Chapter 4, Problem 1QS
To determine
Explain the cost and benefit associated with obtaining a collage education from both private and social perspectives.
Expert Solution & Answer
Explanation of Solution
The investment in the college education will increase the efficiency of labor force with an improvement in the technical know-how. The efficient investment in the education sector will make a huge hike in the quality of production due the efficient use of labor and capital inputs. The investment in education is a kind of investment in the human capital. The older people will invest more in the collage education because of their short length of future earnings stream and high
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