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Suppose there are two types of workers: high-ability and low-ability. Workers know their own abilities but firms do not. A high school diploma costs a high-ability person $10,000 and costs a low-ability person $15,000. Firms wish to use education as a screening device where they intend to pay $20,000 a year to high school drop-outs and $K to those with a high school diploma.
a. What value of $K guarantees that low-ability workers don’t have an incentive to finish high school, thus revealing their true type?
b. What value of $K guarantees that high-ability workers have an incentive to finish high school, thus revealing their true type?
c. In what range must K be to make this an effective way of telling apart the two types of workers (separating equilibrium)?
Machine A was purchased three years ago for $10,000 and had an estimated market value of $1,400 at the end of its ten-year life. Annual operating costs are $1,200. The machine will perform satisfactorily for the next seven years. A salesman for anoth..
The marginal product of labor (measured in units of output) for Expando Corp. is given by MPN = A(400-N) where A measures productivity and N is the number of labor hours used in production. Suppose the price of output is $.150 per unit.
Which of the following IS a characteristic of an oligopoly?
what are the weaknesses and strengths of the various forms of business? why do corporations tend to be so much larger
Assume the market for wooden toothpicks is competitive. Earlier this week, in a nationally published study, 4 out of 5 dentists enthusiastically endorsed the benefits of toothpicking for dental health
A large city in the mid-West needs to acquire a street-cleaning machine to keep its roads looking nice year round. A used cleaning vehicle will cost $85,000 and have a $20,000 market (salvage) value at the end of its five-year life. A new system with..
suppose the market for a certain pharmaceutical drug consists of domestic united states consumers and foreign
Thirty years ago, the market for chicken was perfectly competitive. Then, Frank Perdue started marketing chicken under his own name.
Critically evaluate the following: An advertising executive is heard to say: "Unit sales went up last year by 15 percent when we increased advertising expenditures by 5 percent. Clearly, advertising is very effective. Our advertising budget must be f..
Derive the mathematical expressions and determine the level of output where the average cost function reaches a minimum (the firmís capacity).
As the ebola epidemic keep spreading in the country of Liberia more people are falling ill and a large percentage eventually perish. Use the Production Possibility Frontier to illustrate the effect on the economy of Liberia.
Why is productivity related to the standard of living In your answer be sure to explain what productivity an standard of living mean. Make a list of things that determine labor productivity.
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