Yun has just finished high school. He has three periods of time left in his working...
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Yun has just finished high school. He has three periods of time left in his working life, and is considering three career options: 1) Obtain a job in a hotel, earning $20,000 for each of the remaining three periods of his working life. 2) Attend community college, earning a diploma in human resources. The diploma takes one period to complete, with tuition fees equal to $5000. After graduation, he will earn $50,000 for the remaining two periods of his life. 3) Attending university to obtain his PhD in art history. The degree takes two period to complete, with tuition fees of $10,000 per period. After graduation, he will earn $90,000 for the one remaining period of his working life. Assume that the interest rate is 10 percent per period. a) Which career path should he follow? b) Yun has always wanted to be an art historian. If he chooses to be an art historian. What is the implicit consumption value he places on being an art historian? c) Who among the population is likely to choose this career path-the children of rich or of poor pa nts? Why? d) Should the government subsidize tuition fees for art history? Why or why not? Yun has just finished high school. He has three periods of time left in his working life, and is considering three career options: 1) Obtain a job in a hotel, earning $20,000 for each of the remaining three periods of his working life. 2) Attend community college, earning a diploma in human resources. The diploma takes one period to complete, with tuition fees equal to $5000. After graduation, he will earn $50,000 for the remaining two periods of his life. 3) Attending university to obtain his PhD in art history. The degree takes two period to complete, with tuition fees of $10,000 per period. After graduation, he will earn $90,000 for the one remaining period of his working life. Assume that the interest rate is 10 percent per period. a) Which career path should he follow? b) Yun has always wanted to be an art historian. If he chooses to be an art historian. What is the implicit consumption value he places on being an art historian? c) Who among the population is likely to choose this career path-the children of rich or of poor pa nts? Why? d) Should the government subsidize tuition fees for art history? Why or why not?
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Option 1 Get a job in a hotel earning 20000 per year for each of the remaining three periods of his working life Option 2 Attend community college earning a diploma in human resources The diploma take... View the full answer
Related Book For
International Marketing And Export Management
ISBN: 9781292016924
8th Edition
Authors: Gerald Albaum , Alexander Josiassen , Edwin Duerr
Posted Date:
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