Question

In: Economics

1. Your decision to enrol as a student of GIMPA was a well thought through one...

1.

Your decision to enrol as a student of GIMPA was a well thought through one informed by weighing the short and long-run costs and returns carefully. After thorough deliberation, you concluded that, it is a necessary investment to make to advance your career. You were very happy when you estimated that your life-time total net worth (Nw) will depend on the following factors in your worth equation:

?? =40,000−0.9?+2.2?+5.4?+1.5?

Where I is your investment or cost of GIMPA education, K is your knowledge accumulation at GIMPA, E is the overall experience accumulation at GIMPA and N is the net-working factor at GIMPA.

a) Provide a detailed interpretation of your life-time worth equation.

b) Suppose that your investment in GIMPA education is GHc 30,000, your

knowledge accumulation at GIMPA is worth GHc 500,000, your overall experience accumulation at GIMPA is worth GHc 250,000 and your net-working factor is worth GHc 500,000, find and explain your life-time total net worth and elasticities of your knowledge accumulation, experience accumulation, net- working factor to your life-time total net worth.

c) Hence, why should you take your knowledge accumulation, experience accumulation and net-working very seriously during your time at GIMPA?

Expert Solution

Part (A)

greater investment in education at GIMPA decreases person's life time net worth

higher amount of knowledge acquired by a person at GIMPA increases his lifetime net worth

higher the years of experience at GIMPA increases his lifetime net worth

higher net working factor at GIMPA increases person's lifetime networth

Part (B)

Part (C)

student should acquire more knowledge, experience and net working at GIMPA because knowledge accumulation, experience accumulation and net working factor have positive elasticity with respect to life time net worth

Rahul Sunny answered 9 months ago

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