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The "graying of America" will substantially increase the fraction of the population that is retired in the decades to come. To illustrate the implications for U.S. living standards, suppose that over the 49 years following 2009 the share of the population that is working returns to its 1960 level, while average labor productivity increases at the same rate as it did during 1960-2009. Under this scenario, what would be the net change in real GDP per person between 2009 and 2058?
1960 2009
Average labor productivity 45,438 99,763
share of population employed 37.8 46
Net change in Real GDP per person between 2009 and 2058 is? $_________
What are the marginal abatement cost functions for each of the two areas? Calculate the loss in the two areas due to over-control (for the rural area) and under-control (for the urban area).
The football coach at Midwestern university was given a 5 year employment contract that paid $225,000 the first year, and increased 8% uniform rate in each subsequent year. At the end of the first year the alumni demanded that he be fired.
Post-war Recessions in the UK - Identify the periods of recession in the United Kingdom since 1955, stating clearly the criteria that you are using to define recessions.
A labor economist estimates a regression of log earnings on schooling, experience, ability, as measured through, and interactions in schooling and experience,
Draw a histogram of household size variable. On the histogram, mark in the mean and median. Comment on the shape of the distribution and what are the mean and standard error of your sampling distribution
At a student café, there are equal numbers of two types of customers with the following values. The café owner cannot distinguish between the two types of students because many students without early classes arrive early anyway (i.e., she cannot p..
Walt Disney World Theme Parks offer tourists a wide variety of ticket options. The one thing these ticket options have in common is that they entail a fixed entrance fees and permit consumers to take as several rides as they wish at no additional cha..
Suppose there are 2 countries, Home and Foreign, two factors of production, capital and labor and two products, food and cloth. Home has 100 units of labor and 200 units of capital, while Foreign has 300 units of labor and 150 units of capital. \(..
A cell phone company is considering investing in additional cell phone towers. It estimates that if it builds K towers, its benefit in terms of increased profits will be: B(K)=500K-K^2 in millions. Assume each tower costs $20 million to build.
Assume the demand function and the supply functions for 24-can beer case in Houston are: Demand: QD = 1,000 ? 50P Demand: QS = 40P + 100 (a) What are the market equilibrium price and quantity for beer case?
Recognize economic forecasts for real GDP, the unemployment rate, the inflation rate, a key interest rate, and the value of the dollar.
Wilpen Corporation, a price-setting company, manufactures nearly 80% of all tennis balls purchased in the United States.
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