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Which option will david smith choose

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Problem 1: Suppose that David Smith is an 18-year old high school graduate who can take a job of paying, on average, $40,000 per year for the whole life time without further education. If he chooses to study one more year of education, his pay will increase to $43,000 per year. The cost of education for one year is $20,000. Which option will David Smith choose? Why? You must provide mathematical and theoretical justification in your discussion.

Reference no: EM132737948

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