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Over the past twenty years, the income gap between workers with college degrees and those without a college education has grown. Draw two supply and demand diagrams, one for workers with college degrees and one for workers without degrees. Now suppose new information technologies raise the marginal product of highly educated workers but do not affect the marginal product of less-educated workers. Use your supply and demand diagrams to illustrate what happens to the wage gap between the two types of workers.
An investment of $10,000 in 1993 earned a market interest rate of 6% for 10 years. The average inflation rate during that time was 3%. What was the value of that investment at the end of the 10 year period in 1993 dollars
Suppose demand for widgets is given by the equation P = 20 - 0.5Q. Originally, the price of the good is $10 per unit. When a tax of $2 per unit is imposed, the price of the good rises to $12 per unit. What is the excess burden of the tax
A mine is for sale for $240,000. It is believed the mine will produce a profit of $65000 the first year, but the profit will decline $5000 a year after that, eventually reaching zero, whereupon the mine will be worthless.
What happens when the Fed monetizes a budget deficit? Is this something it should always try to do? ( Hint: Outline the benefits and costs of such a policy over time.)
Discuss the meaning of the x- and y-axis values on the graph. (Hint: Be sure to label the axis) Based on the results of the graph and the profit equation provided, discuss the relationship between profits and number of e-readers produced.
Compute the discount factor 1/(1+r)^t for r=1, 5, or 10 perent interest rates and t=30 and 50 years. remember that 1 percent is .01. based on your computation, is teh choice of discount factor important for deciding whether to do somehtinga bout..
The income elasticity of demand for clothing is estimated at +0.5. What would you expect to happen to clothing revenues when incomes are rising When incomes are falling Is the effect stronger or weaker than the movie industry results
Table 22.4 shows the prices of fruit purchased by the typical college student from 2001 to 2004. What is the amount spent each year on the "basket" of fruit with the quantities shown in column 2?
What are the long-term fiscal imbalances for the United States? New Methods to Measure the Long-Term Fiscal Imbalances for the United States
The following table provides the quantity of fish and coconuts that each individual can catch or gather in one hour. Coconuts Fish Adam 6 2 Friday 6 4 a. Who has the absolute advantage in catching fish
Jethro has been promised a payment of $1000, which is to be paid exactly 8 years from now. He is completely certain that the payment will in fact be made. Jethro believes that the appropriate discount rate is 5% per year, and that this will contin..
Consider the OLG model with warm glow preferences in Section 9.6, and suppose that preferences are given by c(t)ηb(t)1-η, with η ∈ (0, 1), instead of (9.21). The production side is the same as in Section 9.6. Characterize the dynamic equilibrium of..
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