NEWS WIRE UNEQUAL WAGES Most Lucrative College Degrees College graduation does i
ID: 1103101 • Letter: N
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NEWS WIRE UNEQUAL WAGES Most Lucrative College Degrees College graduation does improve a person's income prospects. But all graduates aren't treated equally What you majored in counts for a lot. Annual salary surveys by PayScale, Inc. confirm that a student majoring in petroleum engineering can expect to earn nearly three times the salary of an English major. What Does Your Major Pay? 2014-2015 Survey Major Median Starting Salary $ 102,300 69,600 66,700 57,200 56,300 51,400 50,900 46,500 45,600 44,500 42,800 40,700 40,500 38,600 38,500 Petroleum engineering Chemical engineering Computer science Physics Management info systems Economics Finance Accounting BusinesS Marketing Political science Philosophy History Sociology English Source: "Pay Scale College Salary Report," www.payscale.com, 2015. Used with permission of Pay Scale, Inc. Assuming that a college graduate on average earns their marginal revenue product (MRP), what is the MRP for a newly hired Economics major in 2015?Explanation / Answer
Marginal revenue product of labor implies how much is that employee worth or how much output an employee produces. The MRP of a newly hired economics major is $51,400.
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