Chapter 15 - 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.
  1. 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)?
  2. After graduating from college, how long does it typically take for someone to acquire a medical degree?
  3. What is the average salary of a full-time faculty member?
  4. What is the median salary (after expenses) of a physician?
  5. Why does this difference exist? Is part of the explanation due to economic rent? Explain.
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