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Use the National Longitudinal Survey Youth Sample dataset (wagepan) for the questions that follow. The data has been analyzed by Vella and Verbeek (1998) in their study on the impact union membership has on wages for young males.
(a) Create a new variable equal to the exponential of lwage
(b) Generate a new variable, for each observation, that represents annual salary.
(c) Collapse the data to obtain the mean annual salary by year and ethnic/racial group, black, hispanic, other, etc.
(d) Generate a line graph showing the mean annual salary over time, for each ethnic/racial group.
Why is income from capital gains taxed differently than wage income? There are perhaps historical, practical, and theoretical reasons. What are they?
Opportunity cost is associated with choosing a particular decision that is measured by the forgone benefits of the next-best alternative. What example would you pose to explain this?
Jane obtains utility W1/2 from wealth W. Jane has $100, but there is a 25% chance she will require surgery which costs $64. Sketch this utility function, indicating the values of Jane’s wealth if she does and if she does not need surgery. calculate t..
Explain why a subsidy may provide import-competing producers the same degree of protection as tariffs or quotas but at a lower cost in terms of national welfare.
Economic growth has slowed in the last quarter of the year to 0.6% from the previous third quarter growth rate of 4.9%. The economy lost 12,000 jobs in the last month of the previous year while shedding 80,000 jobs during the months of January and Fe..
Do you believe that profit (or shareholders wealth) maximization still represents the best overall economic objective for today's corporations.
Beth and Bob Salerno are looking at refinancing their home loan of $250,000 and have been quoted 3.75% NAR for a 30 year loan compounded monthly. What will be the remaining balance after 10 years of payments? What will be the monthly payment (assume ..
Each month, aztec spends exactly $2 million on advertising. Illustrate what is aztec's elasticity of demand for advertising. Can you write the equation for Aztec's demand for advertising.
How is the fact that more low-income families are sending daughters, rather than sons, to college likely affecting the female income gap in the future? Why do you think economists argue that the female wage gap will not entirely disappear unless wome..
Which of the following problems are likely to be studied by a macroeconomist and which by a macroeconomist?
Most macroeconomists believe it is a good thing to taxes act as automatic stabilizers also lower the size of the multiplier.
In long-run competitive equilibrium, product price equals long-run average cost and also equals long-run marginal cost. Thus, economic profit equals $0. Please explain why firms have not incentive to exit the industry.
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