Chapter 29 - Assignment 2: Faculty, Physicians, and Economic Rent
Chapter 29 - Assignment 2: Faculty, Physicians, and Economic Rent
The Occupational Outlook Handbook,
published by the Bureau of Labor Statistics, contains
a description of the job requirements and job prospects for a variety of occupations. Read the
description of the job prospects for
college and university faculty
and physicians.
- After graduating from college, how long does it typically take for someone to acquire a Ph.D. degree (the usual requirement for
a tenured faculty appointment)?
- After graduating from college, how long does it typically take for someone to acquire a
medical degree?
- What is the average salary of a full-time faculty member?
- What is the median salary (after expenses) of a physician?
- Why does this difference exist? Is part of the explanation due to economic rent? Explain.
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