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Inducing the worker to exert effort A worker can exert two effort levels, good or bad which induce a production error with probability 1/4 and 3/4 respectively. His utility function is: U(w,e)=100-10/w-c where w is the wage received and c takes the value of 2 if effort is good and 0 if effort is bad. Production errors are observable and so can be introduced into the worker’s contract but effort cannot. The product obtains is worth 20 if there are no errors and 0 otherwise. The principal is risk-neutral. Assume that the worker has reservation utility equal to u0=0
Calculate the optimal contract and the effort that the principal desires under conditions of symmetric information.
Calculate the optimal contract and the effort that the principal desires under conditions of asymmetric information.
Implications for juvenile females and members of ethnic and racial minorities.
Assuming that your interest rate, i, is equal to 14% annually, what would be your maximum offer (purchase price) on this machine?
q. in 1976 the parents of a seven year old boy sued a new york hospital for 3.5 million. the boy was blinded shortly
q. a business employing 8 workers to produce commemorative t-shirts for campus events organizations. they are currently
In 1980, per capita GDP of Rwanda was about $728 and in 2010 about $1,025. Calculate the average per capita GDP growth rate of Rwanda from 1980 to 2010.
What other economic factors are affected when taxes are raised or lowered, and how are they affected? Should the government increase tax rates on everyone as a way to equalize incomes and wealth?
Elucidate the drastic change also Illustrate what this meant for the U.S. population.
Help wanted advertising is higher than usual also the consumer price index is up more than expected.Inflation has slowed markedly also the Dow Jones average is at record levels.
A monopolist faces the demand curve Q = 11 - P . The monopolist has a constant average (and marginal) cost of $6 per unit.Draw the average and marginal revenue curves and the average and marginal cost curves. What are the monopolists profit-maximizin..
If nominal GDP in some year is $280 and real GDP is $160. The GDP price index for that year is.
In January 1991 the Consumer price index (CPI) was 134.6. In October 2015 (the November CPI is not yet available, so use the October CPI for this problem) the CPI was 237.8. Using January 1991 as the base period, what was the real (inflation-adjusted..
The economic model of a perfectly competitive market is very unrealistic because it predicts that firms in a perfectly competitive market earn zero profits in the long run. However, in reality, no firm would stay in business if it earned no profits. ..
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