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Over the last 30 years in the United States, the real price of a college education (i.e., after adjusting for inflation) has increased by almost 70 percent. Over the same period, an increasing number of high school graduates have sought a college education. (Nationwide college enrollments almost doubled over this period.) While faculty salaries have barely kept pace with inflation, administrative staffing (and expenditures) and capital costs have increased significantly. In addition, government support to universities (particularly research funding) has been cut.
a. College enrollments increased at the same time that average tuition rose dramatically. Does this contradict the law of downward-sloping demand? Explain briefly.
b. Use supply and demand curves (or shifts therein) to explain the dramatic rise in the price of a college education.
suppose the production function for guitars is given byq lk - 4l2where q is the number of guitars manufactured per
There are three primary methods of inducing firms to emit the optimal level of pollution: standards, taxes and transferable permits. Compare and contrast these three techniques: describe each and explain its strengths and weaknesses.
Joshua is a true entrepreneur with businesses around the world. He makes world-renowned cakes and coordinating products. Now he has begun making clothing with a cake theme/inspiration. In addition, he has written a book
Explain why government regulation is or is not needed, citing the major reasons for government involvement in a market economy. Provide support for your explanation.
Some economists have argued that if the government wishes to subsidize health care, it should instead provide predetermined sums of payments (based on the type of health care problems experienced) directly to patients, who then would be free to ch..
What is the long-term equilibrium enrollment in the tuition reimbursement sub-program and which sub-program's long-term equilibrium would be more greatly affected?
Calculate MC and then use the same equation to find out the new price. ¦e¦is the absolute value of demand elasticity and determine the breakeven output and total sales revenues and draw the cost-volume-profit chart.
The production possibilities frontier can be used to demonstrate which of the following?If Lindenderry is at point U, producing 1300 tons of corn and 34 million automobiles, what is the opportunity cost of an additional 11 million automobiles?
A pharmaceutical company has hired you to perform an economic analysis on a currently ongoing project. Experts from the company have estimated the market for the drug and thus the potential revenues for the drug are knows, but the relevant costs a..
Assume there is an imperfect capital market. Draw a graph to show the optimal years of schooling for an individual with high access to funds but of low ability and an individual with low access to funds but with ..
Consider the problem of maximizing the profit function (pi)= pY -wL subject to the production function Y= L to the alpha (as the exponent) where alpha E (epsilon) (0,1).
Write the equation for the total demand for emissions across both sectors. Does one sector have uniformly lower marginal abatement costs than the other? What is the total amount of emissions in the absence of regulation?
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