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Baseball players and movie stars get paid millions of dollars to hit baseballs and act, respectively. We want our kids to be well educated, and we always talk about how valuable public school teachers are, but we don't really want to pay them that much. If the average NYC public school teacher teaches 30-35 students per class, per year x 6-8 classes per year and does that for 10 years, he/she has touched the lives of thousands of young people helping to develop their intellect. What is that worth to society? Apparently, not that much. NYC public school teachers, and inner city school teachers more generally, are paid about $10,000 less than their counterparts in the suburbs - who have smaller classes, more resources, more teacher's aides, etc.. Imagine if we paid the math teacher only 1% of Alex Rodriguez's salary (the math teacher would earn $295,000 per year). Brad Pitt spends 6 weeks working on a movie, has his expenses paid for, and gets paid 25 million dollars for doing so, plus a portion of the films profits from ticket sales and video releases, while Jerry Seinfeld (when his tv show was on NBC) earned 5 million dollars per episode plus royalties every time the show is re-run; Jerry's fellows stars only earned 1 million per episode. NYC starts the average social worker somewhere between 30-35 K per year while overburdening them with a caseload that would make your head spin. Yet we say that protecting children is important. Is there something wrong here?
Discuss this - but use some supply and demand terminology - determinants of each, laws of each, etc., Bring in other examples you can think of - discuss those.
The demand function for a firm’s product is Q = P^(-3). The firm’s marginal cost of production is constant at MC(Q) = 12. Calculate the elasticity of demand, as a function of Q. Does the firm’s profit maximization problem satisfy the global SOC?
Describe a situation in which autocorrelation might be present and which of the three methods of detecting autocorrelation you would leverage. Explain your rationale. Describe what remedial measure you would take to address autocorrelation if it were..
illustrate why lower taxes in the current period but higher taxes in the future may make some consumers better off.
Suppose the market for oranges initially has supply described by P=10+Q (with price measured in dollars per bag and quantity measured in millions of bags) and demand described by P=20 - Q. Suppose a snow storm causes the supply curve to shift to the ..
Every Saturday morning he requires his sales staff to send him a report. This report Comprises, among other thing, the number of professors visited during the earlier week.
Assuming 20 people sign up for the cruise, determine how many passengers will result in the max revenue. What is the max revenue? What is the fare per passenger?
Illustrate graphically the equilibrium of such a monopolistic firm.
All of the following are characteristics of "property rights" EXCEPT that:
If the farmer rented her land from a landowner,would she have the same incentives to control soil erosion. What would the landowner have an incentive to control erosion.
The following are some ideas to help you pick a topic for the Market Failure Research Paper assignment. Consult with your instructor if you are having trouble picking a topic. What are some areas where the MARKET Fails to give us adequate quantity of..
If input prices had increased as firms entered the lithium industry in response to rising demand, what would have been the shape of the long-run supply curve? If the market demand for lithium were to decrease during the 2020s, what would happen to th..
Assume that November CBT soybean futures are trading at $6.50 per bushel and that a $6.75 November CBT soybean put is trading at $0.50 per bushel. How much of the &6.75 November soybean put premium is intrinsic value? How much of the $6.75 November s..
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