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Suppose that normal workers increase a rm's revenue by $6, while smart workers increase revenue by $A, where A > 6. Firms cannot tell smart workers from normal workers ex ante, but can observe a worker's educational level. Any worker can acquire as much education as she wishes, but getting e years costs a normal worker B(e), where B > 1, while e years cost a smart worker only e.
a. Solve for e, the minimum years of education that smart workers must get to dierentiate themselves from normal workers. Your answer will be a function of the variables A and B.
b. As A increases, does e increase or decrease? Explain intuitively why this is the case. c. As B increases, does e increase or decrease?
Most practitioners presently update MRP weekly or biweekly. Would it be more valuable if updated daily, or even on a real-time basis.
Consider a bond that promises to pay $100 in one year. a. What is the interest rate on the bond if its price today is $75? $85? $95? b. What is the relation between the price of the bond and the interest rate? c. If the interest rate is 8%, what is t..
If the government of Amityville used a subsidy of $S per unit to encourage the optimal amount of chocolate production, illustrate what level should that subsidy be.
Jason Kidwell is able to purchase Toys'n Things, for $2.2 million. Jason estimates that after initiating his changes in the company's operations the firm's cost of goods sold are 55 percent
Make a monthly sales forecast for the firm for 2001. Why would the managers of the Chemical Company want monthly sales forecasts of this kind.
Simultaneous changes in supply and demand affect equilibrium price and quantity in various ways, depending on the relative magnitudes of the changes in supply and demand. Equal increases in supply and demand, for example, leave equilibrium price u..
the economy of the Shire that produces cereals and swords each industry employs Hobbits, but land is specific to the production of cereals, and metal is a specific factor in the sword industry.
Elucidate the 2008 world financial crisis and the ongoing debt crisis in Europe using one of the three theoretical frameworks. realism, liberalism, and constructivism.
Illustrate what are the four supply factors of economics growth. What is the efficiency factor? Please illustrate these factors in the terms of the production possibilities curve.
Barriers to entry, such as patents, licenses, or international trade restrictions, may be government imposed. How do government-imposed barriers such as patents impact consumers and suppliers in these markets?
1. Why does not a political equilibrium lead to efficiency in the way that equilibrium in private goods markets does 2. Why is a voter in the "middle of the pack" likely to be satisfied with the outcome of political decisions
Construct a circular-flow diagram like the one found in this chapter to represent the sector of the economy devoted to collage education: collages and universities represent firms, and house holds both consume education and provide facilty and stu..
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