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Suppose there are two types of professors - Type 1 and Type 2. Students are motivated to work harder with Type 1 professors and learn more. Hence, their value to the university is $10. The value of Type 2 to the university is $4. Cost of education for Type 1 professors is 0.5c and for Type 2 is c where c is cost of getting education. There are 15% of Type 1 in the population. Type 1 professors like their jobs more, and hence, have a lower cost of getting their education to be a professor. Assume PhD is used as a signal.
1. What will be the wage paid if the university cannot separate out Type 1 from Type 2 professors? What is the problem if this happens and why?
2. Define separating equilibrium in this context. What values of c would lead to a separating equilibrium? Why is this a signaling equilibrium?
3. Define pooling equilibrium in this context. What values of c would lead to the two different types of pooling equilibrium that we talked about in class? Why are they signaling equilibrium?
A coffee retailer (Bob’s) developed the following daily demand curve for coffee for Your Town, NY. Where P is the price of Bob’s coffee, Pc is the price of Starbuck’s, and M is income in YourTown. Currently Bob’s and Starbuck’s Coffee are priced at $..
As long as marginal cost is below marginal revenue, a perfectly competitive firm should. The “Schools of Thought” handout shows.
Suppose the banking market in Richmond area consists of five banks that each has 15 percent of the market and five more banks that each has 5 percent of the market. Calculate the measure of monopoly power.
Why do you think that society needs to create a more appropriate sentence for rapist as there are numerous cases in which the punishments
q.remington inc. purchases a machine that costs 700000 and has an approximate d useful life of 10 years a macrs
Why does the government grant patents to investors? Why does the government give monopoly power to utility companies?
In economics history, what are the main ideas and contributions of the Austrian School? Why does 'marginal' mean so much in economics?
What are the components of the Affordable Care Act? What improvements have the Affordable Care act made to the United States Healthcare delivery system? What are some examples of how new legislation will affect the problems associated with cost, acce..
Why is it complicated to determine the Pareto superiority of how incentives are allocated? 3 sentences please
Identify one factor that can cause a shift in the demand curve in labor markets and one factor that can cause a shift in the supply curve in labor markets
1. What value is assigned to the lblNum control when the lbl.Num.Text=9925 instruction is processed by the computer? 2. Explain the method for providing keyboard access to a text box.
Suppose the media reports that the federal deficit this year is $200 billion. The national debt was $5,000 billion last year, and it is $5,200 billion this year. The price level this year is 3 percent higher than it was last year. The real deficit is..
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