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Question 1:
Suppose the standards of the school are lowered so that earning the degree no longer entails psychic costs for anyone. The cost of earning the degree is now purely monetary ($c) and the same for both high-ability and low-ability workers. If c=15,000 and employers pay wh = $40,000 to people with degrees and wl = $20,000 to people without degrees, who will decide to earn the degree? Who will decide not to earn the degree? Assume that θ=0.5.
Question 2:
Under the assumptions of the previous question, would it be an equilibrium for employers to pay wh = $40,000 to people with degrees and wl = $20,000 to people without degrees? Explain.
Two identical firms have access to a spring. Their marginal cost of bottling water from the spring is a constant 10¢ per bottle. The market demand for bottled spring water is P = 250−20Q, where P is the price (in cents per bottle) and Q is the quanti..
An artist makes a beautiful instrument that becomes famous throughout the country. A number of claimants arise, each of whom argues that they deserve the flute: the artist who created it, the most talented musician, the poorest musician, the neediest..
A firm has a short run cost function of c=y^3-10y^2+35y. What is the minimum price at which the firm will supply output?
if demand is perfectly elastic the demand curve is horizontal. if demand for x shifts right as the price of good y increases, then x and y are substitutes. supply shifts rightward if input prices rise. it is possible for an economy to be inside its p..
What are the advantages and disadvantages of using an expansionary monetary policy in a recession compared to using fiscal policy? The question is specifically about the advantages of monetary policy compared fiscal policy in a recession. What are th..
An investment of $1.5 million is made at time zero with annual revenues of $600,000 in year 1, growing at a rate of 15% annually over a seven-year horizon. Annual operating and maintenance costs are estimated at $150,000 per year increasing every yea..
If Sammy refuses to contribute to the butterfly garden, he'll not be able to enjoy its benefits if it is built.
The country of origin can influence a consumer’s perception of the quality of the product. What can a company do to overcome a negative attitude about the product’s country of origin?
Market failure is a situation in which a given market does not efficiently organize production or allocate goods and services to consumers. Overcoming market failure is a significant challenge for the government, which is not easy to accomplish and m..
In the mid 2000s, as house prices began to climb, some were concerned that an overheated housing market was leading to an unstable inflationary gap. As a result, beginning in the second half of 2004, the Federal Reserve (headed by Alan Greenspan at t..
Explain how the “incidence” (i.e. “Who pays the tax”) of a per-unit tax on transactions depends upon the slopes of the supply curve and the demand curve. You may utilize graphical analysis to explain your answer as well.
q.based on the production function parameter estimates reporteda. which industry or industries appears to exhibit
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