Average Salary by Education Level Is the increase in pay worth the time, effort, and money spent earning your college degree? The answer is yes! Median weekly earnings without a high school diploma are $592, with a high school diploma,

$746, with a bachelor’s degree, $1,248, with a master’s degree, $1,497, and with a doctorate or professional degree, $1,861.

a. Why do people with different levels of education have different salaries?

b. Draw a graph of the labor markets for people with a professional degree and for people who don’t have a high school diploma to illustrate your explanation of the differences in the salaries of these two groups.