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Suppose there are two types of persons: high-ability and low-ability. The schooling required to obtain a particular diploma costs a high-ability person $8,000 per year, and it costs a low-ability person $10,001 per year. Firms wish to use this diploma as a signal of an individual’s ability. The firms intend to pay workers such that the present value of lifetime earnings for a worker without the diploma is $250,000 and the present value of lifetime earnings for a worker with the diploma is $450,000.
(a) What range of years of education must be required to obtain this diploma in order for the diploma to be an effective signal of worker ability?
(b) In a competitive labor market, how many years of education will be required to obtain this diploma in equilibrium? Briefly explain why this is the case.
What would be the new equilibrium exchange rate that would make purchasing power parity grasp for laptops.
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q1. a clinic uses doctors also nurses to serve the maximum number of patients given a limited annual payroll. the
Occupational licensing can accomplish which of the following?
The market demand functions for corn is Qd = 15 – 2P, and the supply function of corn is Qs = 5P – 2.5. Suppose the government gives corn farmers a $0.70 subsidy per bushel of corn. What will be the effects on aggregate surplus, consumer surplus, and..
Develop an online service for IT training that includes scheduled as well as self-paced courses. The training service will be initially web-based but the architecture must have the option that different front-ends like applets, web services, or ot..
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Assume that household consumption decision suddenly become less sensitive to change in the rate of interest.
A $25,000 bank loan is to be repaid in equal yearly payment over 15 years at an effective annual interest rate of 7%. You did the calculation and found that your annual payment is $2745. What is the unpaid principal after you made your 8th payment?
Business investment spending represents spending by businesses on new plants, factories, equipment, technologies, etc. According to economic theory, the primary determinant of the level of business investment spending is the level of real interest ra..
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