Introduction
In the first unit of my Economics class, we've been studying utility and value. To close off this unit, our final project was to look into the future mathematically and find the true cost and opportunity cost between four college education options - a 4 year college, a community college, splitting the two, or not going to college at all. I learned a lot of new concepts during this unit, specifically on comparing and analyzing data. At first, learning this was very difficult but I was able to comprehend and achieve it.
My Career Choice
I am interested in Music Engineering as my career choice. Music Engineers have many options to choose from when it comes down to what they want to do with their music; they can be the creators of great movie soundtracks, become professional music producers in the industry and even make soundtracks for television shows and commercial jingles. Music Engineers have the option to expand their work and be able to travel frequently while interacting with other great musicians and people who are interested in paying them to make music for them. This will be great for me because I want to travel and see the world, and also learn more about other cultures music. Music is something I’m really interested in and enjoy, so based on the work I think I'd really enjoy this career. Music Engineering careers require a degree in Audio Engineering. To get higher paying positions and jobs, I will have to make a name for myself and apply myself 110% at every opportunity and chance I get. When applying for a music engineering job, applicants must have portfolios filled with their ideas and proof that you have worked with music before. It's useful to have internships during college, which great Audio Engineering majors offer.
Utility Graph
This graph breaks down how I value the combinations of money I have in 5 years vs 45 years. The highest line represents the ideal situation, and the lowest would be the least preferable. Basically, it's showing that I'd like to have $2,000 in my savings after 5 years just as much as I'd like having $20,000 in my savings in 45 years.
Supply and Demand
This graph shows how much companies would be willing to pay me per year after 5 years of working vs 45 years. The graphs are similar in shape because the demand of the career and industry doesn't fluctuate majorly. (Salary by Thousands)
Tuition Cost
For this assignment, I analyzed the opportunity costs between four options - going to a 4 year college, and not going to college at all. I chose to use my first choice for a 4 year college, Columbia College (Chicago). It's seems reasonable for me to be able to go to Columbia and be apart of the Music world after 4 years.
Salary
I figured out my yearly salary as a Music Engineer from options of education which is; No College, 4 Year University, and Community College to determine how much I'd make total over the course of 45 years. I researched the income of Music Engineers then factored in the rate of inflation and estimated the base salaries. I also found the raise rates throughout my life to accurately see the outcome. The range of salary for a Music Engineer with a degree in the career is between $50,000 and $150,000. At a 4-year college where I could get the experience it's plausible that, with the rate of inflation, I would start off making around $50,000 and in 40 years make around $146,490 - which is also how I chose the raise rate. The minimum qualifications you can have that will get you hired as a music engineer is a degree in audio engineering. It also helps to have past experience with music and work with other people. It would be very hard for anyone to get a job as a music engineer without having a degree, because the salary would be lower.
Cost of Living
In order to figure out the cost benefit of each of these options, I had to estimate my cost of living during college and afterwards over the 45 year period.
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