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a) Explain the main idea behind superstar theory. Discuss the importance of network effects, skill and luck.
"Superstar theory" argues that growth in top incomes is driven by a growth in market size. Before 1980 the average size and CEO pay gap was weak, after 1980 it got stronger.
b) How does the superstar theory explain the trend in CEO compensation?
c) Is there evidence consistent with the superstar theory explanation of the trend in CEO pay? Is there evidence inconsistent with it?
Suppose you manage a plant that produces engines by teams of workers using assembly machines. The technology is summarized by the production function Q = 4KL where Q is the number of engines produced per week, K is the number of assembling machines, ..
Wage differences between men and women do not reflect discrimination but rather differences in job continuity and rational decisions with respect to education and on-the-job training.”
Suppose Mayor Strange comes to you and asks you whether or not Montgomery should bid for 2024 Olympics. He says that a group of economic consultants has said it will be a major boon for Montgomery’s economy. What kind of things did they likely claim ..
You decide to open a retirement account at your local bank that pays 8%/year/month (8% per year compounded monthly). For the next 20 years, you will deposit $500 per month into the account, with all deposits and withdrawals occurring at month’s end. ..
Find the critical elasticity of demand for an SSNIP equal to 5%. How does this compare to the prevailing (Cournot) elasticity of demand?
Illustrate what is the value of the money multiplier. What is the value of the nominal money supply. What are the nominal values of deposits, currency, and reserves.
A firm uses both labor and capital in its manufacturing process which can be substituted for each other to some degree. The cost of labor is $15 per hour, and the last worker hired produced 20 units per hour. Machinery can be rented at $32 per hour, ..
A large project requires an investment of $200 million. The construction will take 3 years: $30 million will be spent during the first year, $100 million during the second year, and $70 million during the third year of construction. The total equival..
Explain what this tells you as a consumer about the quality of McDonald's products
1. Assume households have utility function U(C, I) = 2cl1/2, can earn wage w per hour worked, and receive V in non-wage income. Total amount of time available for leisure l and labor h is T = h + l.
Give the three first order conditions of constrained optimization setting each equal to zero.
The increased use of technology may be a threat to public administration and national security. Construct a scenario in which you support this theory, and propose two (2) methods geared towards minimizing the technological threats identified within y..
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