On average, (LO1, 3, 9) a) people with professional degrees earn about twice as much as high school dropouts b) college graduates earn about four times as much as high school graduates c) Most high school dropouts earn less than \(\$ 25,000\) a year d) people with college degrees earn about \(\$ 100,000\) a year

Short Answer

Expert verified
The relationships between the average annual earnings of people with different educational levels can be summarized as follows: 1. \(D = 2A\): People with professional degrees earn about twice as much as high school dropouts. 2. \(C = 4B\): College graduates earn about four times as much as high school graduates. 3. \(A < 25000\): Most high school dropouts earn less than $25,000 a year. 4. \(C \approx 100000\): People with college degrees earn about $100,000 a year.

Step by step solution

01

Define the variables

Let's use the following variables to represent the average annual earnings of each group: \(A\): Average annual earnings of high school dropouts \(B\): Average annual earnings of high school graduates \(C\): Average annual earnings of college graduates \(D\): Average annual earnings of people with professional degrees
02

Analyze statement (a)

Statement (a) states that people with professional degrees earn about twice as much as high school dropouts. We can represent this as an equation: \[D = 2A\]
03

Analyze statement (b)

Statement (b) states that college graduates earn about four times as much as high school graduates. We can represent this as: \[C = 4B\]
04

Analyze statement (c)

Statement (c) states that most high school dropouts earn less than $25,000 a year. We can represent this as an inequality: \[A < 25000\]
05

Analyze statement (d)

Statement (d) states that people with college degrees earn about $100,000 a year. Since we have defined the variable for college graduates' average annual earnings as \(C\), we can represent this as: \[C \approx 100000\]
06

Summary of relationships

Now, using the equations and inequalities obtained from steps 2, 3, 4, and 5, we can summarize the relationships between average annual earnings of the different education levels, as: 1. \(D = 2A\) 2. \(C = 4B\) 3. \(A < 25000\) 4. \(C \approx 100000\) These relationships provide a clear representation of how the average annual earnings of people with different educational levels relate to one another.

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