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Suppose the decision to acquire schooling depends on three factors- preferences (joy of learning), costs (monetary and physic), and individual-specific returns to education. a. Explain how each of these factors affects one’s optimal amount of schooling. b. Using these three factors, explain why someone who faces a very steep wage schooling locus may still opt to obtain very little schooling. c. Consider two groups of people- Alphas and Betas. The cost of schooling is the same for each. The average level of schooling and salary for Alpha types is 15 years and $120,000, while the average level of schooling and salary for Beta type is 13 years and $100,000. Why is it that 10%, which is calculated as ($120,000-$100,000)/(15-13), is not a good estimate of the annual return to an additional year of education? d. Suppose you know that the actual annual rate of return on a year of education is 5% for both types. Given the numbers in par (c), which type (Alphas or Betas) most likely receives more pure enjoyment from education?
If each economy specialized in its comparative advantage, what range of prices would bacon trade at in terms of eggs.
Determine whether the Justice Department would challenge a merger between two firms in an industry with 10 equal-sized firms.
Illustrate what is the difference between the firm's short-run supply curve and its long-run supply curve? Make up an actual example to explain your answer.
Assume that the central bank of an economy contracts the money supply.
If average total cost of producing wheat is $8 and cost of wheat is $6, illustrate what would you advise farmer to do.
Assume the United States economy is in a deep recession explain how does this recession affect the US major trading partners such as China, Canada and Japan.
Explain why each of following is or is not a valid probability distribution for a discrete random variable x: See p.183-84. 4.16 Toss three faircoins and let x equal number of heads observed.
Results of drilling are 15 dry holes, 12 gas producers, 18 oil wells, and 20 wells producing both oil and gas.
If quantity is 20 also if producers receive the seller's price for to output illustrate what is the amount of Producer Surplus.
Suppose the average annual temperature in the state of New York were to decline for three years in a row. How would that fact affect/contribute to the argument as to whether global warming is occurring and whether we should do something about it?
In 2005, conditions in Iraq led to a sharp drop in consumer confidence and a drop in consumption. Assume that the Fed holds the money supply constant, tell a story and predict the effects on the equilibrium levels of aggregate output (Y) and the inte..
With increased access to wireless technology and lighter weight, the demand for laptop computers has increased substantially. Laptops have also become easier and cheaper to produce as new technology has come online. Despite the shift of demand, pr..
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