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Consider the model of Section 18.2 with F corresponding to the production function of an individual firm j (with a slight abuse of notation). Let (18.3) correspond to the law of motion of the technology of the firm, with σj = σ(hj ), where hj is the average human capital of the workers of firm j , and σ is a strictly increasing and differentiable function. To simplify the discussion, suppose that each firm employs a single worker.
(a) Derive the wage of the worker of human capital hj.
(b) Show that an increase in g (at any t) increases wages. Derive the implications of changes in g on the returns to human capital. Contrast an increase in the returns to human capital driven by an increase in g with those discussed in Chapter 15.
Suppose further that investment spending is fixed at 100. Calculate the equilibrium level of GDP. Solve for equilibrium levels of Y, C, and S Next assume taxes were reduced by 20 to a level of 180.
Aunt Jane's Fitness Center is planning to utilize price discrimination to set its family and corporate rates. For a family membership, it's estimated demand curve is Qf = 984 - 20Pf For the corporate market its estimated demand curve is Qc = 2,070..
Compute the profit consequences of the advice.
Suppose the market for cigarettes is characterized by the following information: Qd = 70 - 5P [Demand] Qs = 3P - 10 [Supply] Suppose the government imposes a sales tax of $2 per unit.
The price in a market is dominated by two firm is affected by the quantities supplied by both firms, Q1 and Q2: P = 120 - (Q1 + Q2). The marginal cost for the two firm is identical and constant and equal to 20.
Evaluate your overall plan. This includes strategies used, recommendations for education and training, return on investment and improvement of quality of care.
How much cloth and food will the economy produce after this increase in its capital supply? Describe how the allocation of machine-hours and work-hours between the cloth and food sectors changes. Do those changes conform with the changes described ..
As capital investment analyst for the Parkhurst Printing Corporation, you have been asked to evaluate the advisability of purchasing a new printing press to accommodate projected increases in demand. This new machine is expected to last 5 years, a..
Suppose that government imposes same rate of unit tax (tax on consumer) to both labor. Show the changes in both markets.
Let X be a discrete random variable that is the value shown on a single roll of a fair die. (a) Represent the probability density function f(x) in a tabular form (b) What is the probability that X=4? That X=4 of X=5
Econometrics 710 Midterm Exam 2000. Take the linear regression Y = Xβ + e with E(ei|xi) = 0. For one particular value of x, the object of interest is the conditional mean E(yi|xi = x) = g(x). Describe how you would use the percentile-t bootstrap to c..
In a given day, once you subtract 8 hours for sleep, you effectively have 16 hours from which you can choose to work or enjoy leisure (that is to say, sleep doesn't count as leisure). You have a job that pays $20/hour and that is your only source ..
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