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Question 1:
Suppose the standards of the school are lowered so that earning the degree no longer entails psychic costs for anyone. The cost of earning the degree is now purely monetary ($c) and the same for both high-ability and low-ability workers. If c=15,000 and employers pay wh = $40,000 to people with degrees and wl = $20,000 to people without degrees, who will decide to earn the degree? Who will decide not to earn the degree? Assume that θ=0.5.
Question 2:
Under the assumptions of the previous question, would it be an equilibrium for employers to pay wh = $40,000 to people with degrees and wl = $20,000 to people without degrees? Explain.
Suppose there is a five per cent increase in the prices of SUVs, salt, and rental apartments. Explain whether you think the income effect in each case would be small, large, and why.
Differentiation strategies vary in degree of effectiveness from one type of market structure to another. For firms other than perfect competition
Which of the following could be the price elasticity of demand for a good for which a decrease in price would decrease revenue?
Quantity demanded is: A. the amount of a good or service that a buyer is able and willing to sell at a given price. B. the amount of a good or service that a buyer is able and willing to purchase at a given price. C. always equal to the equilibrium q..
Economically who benefits when retailers in Europe and the United States source textiles from low-wage countries such as Bangladesh? Who might lose? Do the gains out weight the losses?
Suppose the U.S. government was able to determine which industries would grow the most rapidly over the next 20 years. Explain why this doesn’t necessarily mean there should be a policy to support the growth of these industries. Analyze the disadvant..
The corresponding cash flow diagram for the first two 6-year cycles is shown below. Fill in the missing amplitudes of all cash flows. Then compute the equivalent annual cost (in each cycle) of the maintenance and resurfacing costs (ignore the ini..
Suppose that currency in circulation is $600 billion, the amount of checkable deposits is $900 billion, traveler’s checks are $0, excess reserves are $15 billion, and the required reserve ratio is .15. a. Calculate the M1 money supply, the currency-d..
A negative externality:
If there is a 10% decline in the cost of women's fur coats and a 25% increase in quantity demanded Illustrate what is the elasticity.
Find a recent news article that discusses an oligopolistic industry in the U.S. Provide a usable link to the article (3 points by itself) and a summary of what the author is discussing.
Jim’s diner is just about to open in Memphis, Tennessee. However, Jim is trying to decide whether he wants to offer Coke or Pepsi soda products. He determines that, to offer either product, he will have to spend $1,600 in sunk costs to purchase and i..
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