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1. Phil has two periods of work remaining prior to retirement. Assume that Phil maximizes the present value of his expected lifetime earnings and his discount rate is 10 percent. He is currently employed in a firm that pays him the value of his marginal product, $62,000 per period. There is one other firm that Phil could potentially work for. There is an 80 percent chance of Phil being a good match for the other firm and a 20 percent chance of him being a bad match. If he is a good match, his VMP at the new firm will be $65,000 per period. If he is a bad match, his VMP at the new firm will be $40,000 per period. a. Suppose it takes a full period to discover whether Phil is a good or bad match with the new firm. Thus, when the firm is making Phil's initial offer, the managers do not know what his productivity will be, though they do know the distribution of possible outcomes described above. What wage will the firm offer in this initial period? b. After the value of the match is determined, Phil will then be offered a wage equal to the realized value of his marginal product in the firm. When offered that wage, Phil is free to (a) accept or (b) return to his original firm and his original wage. He can do this immediately, so that if he gets a low wage offer from the new firm, he can go back to his original firm and earn his original wage in the second period.
1. find an article online illustrating a change in demand or supply in some market.2. analyze the situation using
If interest rates, opportunity costs of investment, happened to be the same in both emerging-economy nation and developed countries, what could account for faster upward shifts in the latter group’s planned investment functions?
The cost function for gumballs is given by TC = q(2v+w), where q is the output of gumballs (in thousands), v is the hourly rental rate for gumball presses, and w is the hourly wage.
compute m1 and m2 given the following. assume any asset not listed has a zero value.asset amountbillions of
france can gain specialization and trade as it recieves more than __________( 7lbs,1lb,4lbs,1/4lb,1/7lb)of fish per each bottle of wine it exports to austrailia.similarly australia can gain from trade as long as it recieves more then _______(4 blo..
Determine the equilibrium market price and the equilibrium market output level and determine the individual's firm's level of profit. Profit = TR - TC
1. a firm uses two variable inputs labor l and raw materials m with typically shaped isoquants. it pays 20 per hour for
1 costsan electricity company estimates that its variable cost for producing electricity is given by the following ex-
Sort the items below according to whether they promote economic growth or inhibit economic growth-Price controls imposed on milk, The enforcement of trademarks, The government confiscating farmland, The presence of clearly defined property rights
1. Los Angeles is committed to raising $1 billion for a new stadium. It is considering a $1 surtax on all cab rides because most cab rides are by non-residents. Use supply and demand to evaluate the wisdom of such a tax.
Answer the following scenario thoroughly utilizing key terms and concepts covered in the previous units reflecting full understanding of the concept of macro economics as it relates to the scenario described. Provide examples and clear rationaliza..
Can both monopolies continue endlessly? Why or why not for each example and what factors could cause the monopolies to end?
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