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Suppose Mike's wage-schooling locus is given by:
Years of Schooling
Earnings
9
$18,500
10
$21,000
11
$23,000
12
$24,800
13
$26,200
14
$27,000
Derive the marginal rate of return for each year of schooling. How many years of schooling will Mike attend if his discount rate is 4 percent? What if his discount rate is 12 percent?
Can you relate the Classical and/or Keynesian macroeconomic models to assumptions about economic behaviors and to economics policies being implemented in the U.S. economy today? Is there anything that you've learned studying these models that gives y..
This week there was news that some prices are rising. I heard that in some countries where corruption is high the prices are also higher. I wonder if there is causality or just both at same. It would be interesting to find some material to support if..
Overhead at the water cooler the demand also cost estimate which were provided at the meeting are very useful.
You are the manager of a firm that receives revenues of $60,000 per year from product X and $90,000 per year from product Y. The own price elasticity of demand for product X is -1, and the cross-price elasticity of demand between product Y and X is 1..
How do events, such as the World Trade Center and Pentagon attacks describe in the case study “The Ripple Effects of 9/11” affect the aggregate expenditure line and the aggregate demand curve?
Discuss any social benefits a monopoly business contributes to the public's welfare. Weighing social benefits and social costs a monopoly business generates, discuss whether current Anti-trust laws are valid, out of date or too harsh to Monopoly, bas..
Suppose that your employer offered you $4,000 in cash instead of health insurance coverage. Health insurance is excluded from state income taxes and federal income taxes. (To keep the problem simple, we will ignore Social Security and Medicare taxes...
Assume that a “leader country” has real GDP per capita of $50,000, whereas a “follower country” has real GDP per capita of $25,000. Next suppose that the growth of real GDP per capita falls to zero percent in the leader country and rises to 14 percen..
Suppose that people expect inflation to equal 3 percent, but in fact, prices rise by 1 percent. Describe how this unexpectedly low inflation rate would help or hurt the following: homeowner with a fixed- rate mortgage. a union worker in the second ye..
The rhetorical situation: The typical audience for such reports includes supervisors and coworkers collaborating on the same project. Choose one progress report from the choices below and compose a response (framed as an e-mail) to the authors of the..
Show how moving from a lump sum tax to a linear tax affects outcomes in terms of output and work effort. What is the effect on economic efficiency? How does your picture show this? You should use a linear PPF (so that the wage without distortions is ..
Suppose that every driver faces a 1% probability of an automobile accident every year. An accident will, on average, cost each driver $10,000. Suppose there are two types of individuals: those with $60,000 in the bank and those with $5,000 in the ban..
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