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Consider an infinitely-lived individual who chooses years of schooling s to maximize the present-discounted value of her lifetime income. once her schooling ends, her income at each moment in time is y(s) and remains constant for the remainder of her lifetime. she discounts the future at the rate r
(a) Drive the optimal stopping rule for investment in education for the individual's problem:
max integral sign, upper limit=infinity and lower limit=s y(s)e^(-rt) dt
(b) suppose you know that the income-schooling locus natural log terms is given by: In(y(s))=8+0.8In(s). what can you infer about the discount rate r of a worker with 16 years of education?
Government policy can affect business investment only by changing expenditures. It cannot alter people's expectations about the future. There is no correlation between real and financial transactions.
Assume that the demand for short-order cooks at diners in a small town is ED=400 – 16 w , where E is the number of short- order cooks and w is the hourly wage rate. The market clearing wage is $8, but the town's City Council imposes a "living wage" o..
When a country, say Greece, adopted the Euro as its currency, what happened to the debt that was based on the Drachma? Was it converted into Euros?
What type of targeting is strategy is Boyle’s Strength & Conditioning likely using? In thinking about Mike Boyle Strength & Conditioning’s target markets, which of the following segmentation variables is the company most likely using?
How does this variation affect people and corporations? Use the graph functions of Word or Excel to assist you-You will need two graphs.
ducation is generally considered as a positive externality of consumption. If it is only available in a private market, the outcome will be that it will be
Which of the following helps to explain why time lags cause monetary policy to be difficult to conduct?
Suppose you start telling your friend about the Price and Wolfers finding that NBA referees appear to be racially discriminatory. Your friend looks at their data, and (correctly) finds that white referees call fewer fouls per 48 minutes on black play..
If the company expects to spend $50,000 in the first year of this improvement program, how much of a yearly increase in the cost of the program is the company expecting?
Suppose an individual consumers two goods, with utility function U (x1, x2) = x1 + 6sqrt(x1x2) + 9x2. Formulate the consumers utility maximization problem when she faces a budget line p1x1 + p2x2 = I. Find the demand functions for goods 1 and 2.
Suppose the own price elasticity of market demand for retail gasoline is -0.8, the Rothschild index is 0.5, and a typical gasoline retailer enjoys sales of $1,500,000 annually. What is the price elasticity of demand for a representative gasoline reta..
Why doesn't the United States just give its chop surpluses to poor countries? What problems might such an approach Crete? If two-third of all U.S. farms fail to earn a profit, why do they stay in business? You need a government permit (allotment) to ..
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