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Charles is now working in a job that pays $8,000 per year He is contemplating a one-year automobile mechanics course that

6) Charles is now working in a job that pays $8,000 per year. He is contemplating a one-year automobile mechanics course that

6) Charles is now working in a job that pays $8,000 per year. He is contemplating a one-year automobile mechanics course that costs $1,000 for books and tuition. Charles estimates that the course will increase his income to $13,000 in each of the three years following completion of the course. At the end of three years, Charles intends to retire to a commune in Colorado. The current interest rate is 10 percent. a.) Using the Basic Human Capital Model, determine if it is economically rational for Charles to enroll in the program. Show your work. b.) What three categories of costs are typically considered in this model? List and briefly explain.

Feb 07 2020 View more View Less

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