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There are two types of workers, "quicks" and "slows." Productivity equals 2 for quicks, and 1 for slows. λ (between zero and one) equals the fraction of workers who are slows in the population. Workers may invest in a signal of their ability (a credential of some kind) before applying for jobs, at cost ½•y for quicks, and cost y for slows. All firms pay workers their productivity (if there is signaling), or their expected productivity (if there is no signaling). Workers are employed for only a single period after being hired. For what values of λ and y will signaling occur (a separating equilibrium)? For what values of λ and y will signaling not occur (a pooling equilibrium)? Briefly explain. Hint: remember the concept of Nash Equilibrium from your economics classes and employ it here. For signaling to work, each quick and slow must have no incentive to change their behavior individually, given that others are not changing their behavior.
When thinking about the theory of the firm, shirking, and principle-agent problems, we can find analogous situations in our personal lives. Make a Power Point presentation (for sharing with the class) two personal situations to illuminate this con..
Evaulate the price elasticity of demand for subway rides. The subway fare in your town has just been increased from the current level of 50 cents to $1.00 per ride.
Generally, which of the following is true? (where rE is the cost of equity, rD is the cost of debt and rA s the cost of capital for the firm.
Consider a perfectly competitive market where market demand is given by Qd=30-P and market supply is given by Qs=2P. In this market, the government has imposed a production quota of 10.
Which of the following curves—average fixed cost, average variable cost, average total cost, and marginal cost—would shift as a result of the lump-sum tax? Why? Show this in a graph. Label the graph as precisely as possible.
Many retail companies use mark up pricing? Setting price some percentage above variable cost (such as 50% above cost).
Suppose average movie attendance is 250 million tickets when prices are $7 a ticket and 200 million when prices are $9 a ticket.
What is the solution to the firm's long-run cost-minimization problem given that the firm wants to produce Q units of output and long-run competitive equilibrium, how much output will each firm produce
Determine the price elasticity of demand at each quantity demanded using the arc or midpoint formula: Percentage change in quantity demanded ¼ (Q 2 Q 1)/Q 1 divided by percentage change in price ¼ (P2 P1)/P1.Redo exercise 1a using price changes o..
Make sure response explains how optimal firm behavior will lead to scale and substitution effects. Also explain the importance of the diminishing marginal returns assumption. also please try to explain as much as you can the more explainations the..
a. What is the own price elasticity of demand when Px = $140? Is demand elastic or inelastic at this price? What would happen to the firm's revenue if it decided to charge a price below $140?
Discuss how the article relates to concepts & theories (international investment) examined (clearly note the concepts & theories being illustrated)
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