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How much is a college education worth? In the text, we supposed a col- lege education raised a person’s wage by $30,000 per year, from $40,000 to $70,000. Assume the interest rate is 3% and there is no growth in wages, then answer the following.
(a) Suppose you are a high school senior deciding whether or not to go to college. What is the present discounted value of your labor income if you forgo college and start work immediately?
(b) As an alternative, you could pay $20,000 per year in college tuition, attend for 4 years, and then earn $70,000 per year after you graduate. What is the present discounted value of your labor earnings under this plan? (Compute this value from the point of view of a high school senior.)
(c) Discuss the economic value of a college education.
Given your research and findings, are monopolies and oligopolies (firms demonstrating power) always bad for society? Be sure to provide real world examples of where this may be the case to strengthen your position.
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).
An industry consists of three firms with sales of $175,000, $555,000, and $205,000. Calculate the Herfindahl-Hirschman index (HHI). Instruction: Round to the nearest integer. Calculate the four-firm concentration ratio (C4).
Compute private saving, public saving, and national saving. Find the equilibrium real interest rate. Suppose that government expenditures fall by 500: compute the new equilibrium interest rate.
if sugar protectionism has the bad effects stated in the editorial, why dont congress and the president eliminate it?
An executive from a large merchandising firm has called your vice president for production to get a price quote for an additional 100 units of a given product. The vice president has asked you to prepare a cost estimate. The number of hours required ..
A wind power turbine produces a maximum electrical output of 500 kilowatts. The turbine has a 15-year lifetime and the discount rate is 10%. The wind turbine costs $1 million for equipment prior to installation. Operation and maintenance costs are $5..
(i) Marginal revenue exceeds marginal cost at the output produced; (ii) Marginal cost exceeds marginal revenue at the output produced.
If the reserve requirement is changed to 5 percent, Explain how much can First Bank lend and by Explain how much can the money supply be expanded.
World population is doubling in about every 30 years. what is the annual % growth rate? What is the exponential growth factor? Assuming 2% of the world's coal reserves have been utilized, how many doubling periods will it take for a 40% depletion of ..
The legislative branch of the American government is bicameral. In a minimum of at least two well-written paragraphs, define and discuss the advantages of a bicameral legislature, including how and why this came about. Reference should be made to the..
Why is depreciation of capital good a cost of society. In illustrate what ways does a person's health depreciate. Why might older people's health care expenditures increase in Grossman model even though their desired health stocks may be lower.
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