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Billy and Bob are both 50 years old and work at the same rm. Billy is a more able individual and presently earns $90,000/year; Bob earns $50,000/year. They have the opportunity to enroll in a job-training course for a one-time cost of $10,000. The raise to which they are entitled depends on how much they learn in the course. Again, since Billy is more able, he expects to earn an additional $2,000/year, while Bob expects to earn only an additional $1,000/year. Both workers have a discount rate of 5%.
a. If both workers expect to work until age 60 (i.e., ten more years), will either opt to take the course?
b. What is the minimum number of years each worker needs to work before retiring if the course is to be a wise investment?
When looking at inflation, you will find that this is measuring how much prices change. How does this influence the unemployment rate?
Illustrate what would it raise more money than today, less money, or the same amount of money.
The rate at which one input may be substituted for another input in the production process, while total output remains constant
The government decreases current taxes, while holding government spending in the present and the future constant.
In the country of Wiknam, the velocity of money is constant. Real GDP grows by 3% per year, the money stock grows by 8% per year, and the nominal interest rate is 9%. What is the growth rate of nominal GDP? the inflation rate? the real interest rate?
Thomas has income of $1500 today and $1000 tomorrow. He can lend and borrow at an interest rate of 10%. There is 10% ina´ation. His preferences for inter temporal consumption are represented by the following utility function U (c1 ; c2 ) = c1 + c2. W..
Consider a single-price monopoly
Assume all fixed costs are sunk. The short run supply curve for a perfectly competitive firm is
What are the characteristics of perfect competition? Why do restaurants tend to display characteristics of perfect competition and what are the long-run benefits of running a restaurant, considering its place in the perfect competition?
There is an asset demand for money because households and business firms use money as a store of value. What are some other reasons that households and business firms hold money?
A Nash equilibrium is said to occur when,
Should the airline replace its night flight from LA with a morning flight as well as should the airline remain in business.
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