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Mary has two possible career paths. She can become either a biologist or a concert pianist. Mary lives for 2 periods. In the first period she gets the appropriate education for her career. In the second period, she works in the labor market. If Mary becomes a biologist, she will spend $15,000 on education in the first period and earn $475,000 in the second period. If she becomes a concert pianist, she will spend $38,000 on education in the first period and then she will earn $500,000 in the second period.
(a) Suppose Mary can lend and borrow money at a market interest rate of 10 percent between the two periods. Which career will she pursue? Briefly explain your answer.
(b) Suppose the market interest rate falls to 2 percent. Would Mary choose a different career path than in (a)?
A 473-foot, 7000-ton World War II troop carrier (once commissioned as the USS Excambion) was sunk in the Gulf of Mexico to serve as an underwater habitat and diving destination. The project took 10 years of planning and cost $4 million. Assume the $4..
EmKay Carriers is considering the purchase of a new truck to replace one of its aging trucks. The current truck has a remaining life of 5 years and it is expected to have a salvage value of $25,000 at the end of its useful life. Operating and mainten..
Immediately following the financial crisis of 2007-08, the federal government assisted companies (for example, Citibank and AIG) that were in financial distress, arguing that they were “too big to fail.” Some economists complained that such support b..
The purchasing power parity theory "predicts" that if the price of semiconductors in the United States is $3 and the price in Japan is 210 yen for a comparable semiconductor, the exchange rate would be
Assuming a bank only keeps enough of its reserves to meet its reserve requirement, how much money is created when a bank receives a deposit from an individual of $80,000 and there is a 10% reserve requirement.
What is Kindle Fire - a tablet or something else? Who should Amazon target with the Kindle Fire - which customer segments are most promising and how would they use the product?
Explain the differences between external costs, private costs, and social costs and how the presence of external costs leads to market failure.
According to Wade, higher corporate ___________________ tend to make for more financial fragility than do lower ones.
A market is characterized by a demand curve that can be expressed as P = 3000 – 10 Q. Each of the two identical firms currently serving the market has a total cost function of the form C = 250 q. There are no fixed costs. Explain how your payoff matr..
What are the five factors that influence comparative advantage? How can the government use different fiscal policies to [a] lower unemployment and [b] reduce inflation?
Why is the growth of per capita real GDP a better measure of economic growth than the growth or real GDP? What is the level of output after four years of initial output equals $1000 and the economy grows at a rate of 8 percent a year.
Which of the following is an example of a good with a high switching cost?
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