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You’re 20 years old, and you’re trying to decide which career path to take based on the future expected streams of income. Occupation A has you earning $15,000 for 5 years, then $25,000 for then next 30 years. Occupation B has you earning only $1000 for 4 years, then $10,000 for 6 years, and finally $50,000 for the next 25 years. You plan to retire when you are 55.
a. Write out a formula to calculate the present value of each of these income streams, assuming the interest rate is r. [Hint: you don’t have to write out all 35 terms, you can use “...” when it is obvious what the next term is in a sequence.]
b. What occupation would be better if the interest rate was zero? If it was extremely high?
The lifetime of traditional light bulbs measured in hours is known to be normally distributed with μ=100 and σ=20. What is the probability that a randomly selected traditional light bulb will have a lifetime of 85 hours or longer?
Firm A would hire 20,000 workers if the wage rate is $12 and would hire 10,000 workers if the wage rate is $15. Firm B would hire 30,000 workers if the wage is $20 and would hire 38,000 workers if the wage is $15. Which firm is more likely to be unio..
Which of these did the new Dodd-Frank act to do something to address:
Explain the concept of the multiplier, and explain the role of the marginal propensity to consume in determining the size of the multiplier. Explain how the size of the multiplier will change when one brings in the role of the marginal tax rate.
Assume D represents the level of decentralization of corporate decision-making. The benefits of decentralization, denoted B, = 3D and the costs of decentralization, denoted, C = 2D + 2D2. What is the optimal level of decentralization
Which of the following is not a characteristic or focus of microecon?
Consider a world in which there is no currency also depository institutions matter only transactions deposits also desire to hold no excess reserves.
Firms can have: Accounting losses and economic losses
During the mortgage crisis the destabilizing effects of defaulting mortgages quickly spread throughout the financial system because those mortgages were involved in widespread securitization. What is securitization?
The wage elasticity of labor supply for men aged 18-25 is measured to be 0.3. Within this group, the average weekly wage of the high school graduates is 2/3 the amount of college graduates. Assume that wage elasticity and all other individual charact..
Since November 2011, the Reserve Bank has lowered the cash rate on eight separate occasions from 4.75% to 2.5%. Clearly, the Bank has become far less concerned about inflation and is giving a much greater emphasis to unemployment in its policy reacti..
U.S. government price supports for milk led to an unceasing surplus of milk. In an effort to reduce the surplus about a decade ago, Congress offered to pay dairy farmers to slaughter cows. Use two diagrams, one for the milk market and one for the mea..
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