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Baseball players and movie stars get paid millions of dollars to hit baseballs and act, respectively. We want our kids to be well educated, and we always talk about how valuable public school teachers are, but we don't really want to pay them that much. If the average NYC public school teacher teaches 30-35 students per class, per year x 6-8 classes per year and does that for 10 years, he/she has touched the lives of thousands of young people helping to develop their intellect. What is that worth to society? Apparently, not that much. NYC public school teachers, and inner city school teachers more generally, are paid about $10,000 less than their counterparts in the suburbs - who have smaller classes, more resources, more teacher's aides, etc.. Imagine if we paid the math teacher only 1% of Alex Rodriguez's salary (the math teacher would earn $295,000 per year). Brad Pitt spends 6 weeks working on a movie, has his expenses paid for, and gets paid 25 million dollars for doing so, plus a portion of the films profits from ticket sales and video releases, while Jerry Seinfeld (when his tv show was on NBC) earned 5 million dollars per episode plus royalties every time the show is re-run; Jerry's fellows stars only earned 1 million per episode. NYC starts the average social worker somewhere between 30-35 K per year while overburdening them with a caseload that would make your head spin. Yet we say that protecting children is important. Is there something wrong here?
Discuss this - but use some supply and demand terminology - determinants of each, laws of each, etc., Bring in other examples you can think of - discuss those.
A political mailing will have several pages on the economy, the military, and the environment. The total number of these pages in the booklet should be less than 100. For the target group that will receive the booklet, market research suggests that t..
Suppose you have $400 to spend on either Baseballs (B) or Baseball Gloves (G). Baseballs cost $8 each and Gloves cost $25 each. Using a graph, illustrate your budget constraint. Please put the number of Baseballs on the vertical axis and the number o..
Attending to local culture and customs is critical for this type of FDI. Why then has management frequently errored and offended local people? What take-aways fromthis case can be applied to the new park in Shanghai. Critically evaluate remedial a..
Sharp rises in the cost of milk, grain, and fresh fruits and vegetables are hitting cafeterias across the country, forcing cash-strapped schools to raise prices or serve more economical dishes.
Identify and discuss at least two economic phenomena for which the linear-in-parameters/linear-in-variables regression model may not be appropriate (besides any mentioned in the text).
In sequential games
What does it mean for a good to be non-excludable in theory one may worry that such a problem could completely shut down private markets. How did we deal with that in designing a private environment for the public goods case so that this doesn't happ..
Income per year: $60,000 $60,000 $80,000 Movie Ticket Price: $11 $13 $13 Rounds of Golf: Quantity Demanded Quantity Demanded Quantity Demanded Price = $50 15 10 15 Price = $35 25 15 30 Price = $20 40 20 50 a. Using the data under D1 and D2, calculate..
Assume MTSU is attempting to conclude what factors drive its demand for MBA student credit hours (dependent variable). Information is available on following independent variables:
How would a downward change in the money supply affect you personally. How would it affect your career. What impact would rational expectations have on your decisions in this situation.
Short run refers to a period of time during which:
The Pristine River has two polluting firms on its banks. Acme Industrial and Creative Chemicals each dump 100 tons of glop into the river each year. The cost of reducing glop emissions per ton equals $75 for Acme and $225 for Creative.
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