Your consulting firm has been hired by the State of California to help them decide on funding for the University of California. Your analysis is based on the following premise: higher education has important spillover benefits for the state. When the workforce is more educated, then it is more likely that collaborations between workers with higher education will collaborate together and lead to new business and technology innovations. Education, therefore, leads to more new businesses, higher paying jobs, and increased economic growth for the state.

Agree with the analysis statement. The State should financially assist those who wish to study further.

Explanation:

Preparing oneself for a career isn’t the only practical benefit of a college education. In a report by The College Board (Ma, Pender &Welch, 2019), the following can be noted:

•Individuals with higher levels of education earn more, pay more taxes, and are more likely than others to be employed. In 2018, the median earnings of bachelor’s degree recipients with no advanced degree working full time were $24,900 higher than those who only completed high school. Bachelor’s degree recipients paid an estimated $7,100 more in taxes and took home $17,800 more in after-tax income than high school graduates. The unemployment rate for individuals age 25 and older with at least a bachelor’s degree has consistently been about half of the unemployment rate for high school. In 2018, the unemployment rate for 25- to 34-year-olds with at least a bachelor’s degree was 2.2%, compared with 5.7% among high school graduates.

•Earnings increase with level of education, but there is considerable variation in earnings at each level of educational attainment. The percentage of full-time year-round workers age 35 to 44 earning $100,000 or more in 2018 ranged from 2% of those without a high school diploma and 5% of high school graduates to 28% of those whose highest attainment was a bachelor’s degree and 43% of advanced degree holders.

•Having a college degree is associated with a healthier lifestyle, potentially reducing health care costs. Adults with higher levels of education are more active citizens than others and are more involved in their children’s activities. In 2018, 69% of 25- to 34-year-olds with at least a bachelor’s degree and 47% of high school graduates reported exercising vigorously at least once a week.  

•College education increases the chance that adults will move up the socioeconomic ladder and reduces the chance that adults will rely on public assistance. Among those who attended the most selective colleges, 68% of children from the lowest parent income quintile were in the top two income quintiles as adults, compared with 72% of children from the middle-income quintile and 76% from the highest income quintile.  

Having a tertiary qualification leads more young people starting their own entrepreneurial ventures to help fight unemployment. This increases job creation in the state and ultimately reduces poverty.  

Supporting tertiary students in University of California will be in the best interests of the citizens as well the state since their contribution to economic growth, employment opportunities and health awareness will be quite considerable.  

(a) when insurance is obtained through a reciprocal insurer, the insureds are sharing the risk of loss with other subscribers of that reciprocal.

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