Mathematical Modeling and analysis of the Relationship Between Educational Achievements and Income

Abstract

The correlation between income and education has been studied in many fields and literature. But, in socio-economic context, other factors like demographic aspects, work experience, industry, and job satisfaction are necessary. In this study, we created a synthetic dataset that contains educational levels, work experience, industries, sex, marital status, and work satisfaction. We performed supplementary data analysis to show how em- pirical data of different educational levels obtained increased income did increased income. The findings obtained suggest that education and work experience greatly affect income, which shows that higher earnings are linked to the level of schooling completed. In particular, a very weak negative relationship was established between influence and income, but this effect was noted among men. The change in the influence that was observed differed marginally by marital status. From this evidence, one can infer that any affirmative policy should focus on the subsidizing of barriers to accessibility of higher education because it is said to resolve income inequality gaps in the country.