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"Mr. Robinson pretty much concludes that business schools are a sifting device-M.B.A. degrees are union cards for yuppies. But perhaps the most important fact about the Stanford business school is that all meaningful sifting occurs before the first class begins. No messy weeding is done within the walls. "They don't want you to flunk. They want you to become a rich alum who'll give a lot of money to the school. But one wonders: If corpora- tions are abdicating to the Stanford admissions office the responsibility for selecting young managers, why don't they simply replace their personnel departments with Stanford admissions officers, and eliminate the spurious education? Does the very act of throwing away a lot of money and two years of one's life demonstrate a commitment to business that employers find ap pealing?" (From the review by Michael Lewis of Peter Robinson's Snapshots from Hell: The Making of an MBA, in the New York Times, May 8, 1994, Book Review section.) What answer to Lewis's question can you give, based on our analysis of strategies in situations of asymmetric information?
What desire to purchase does not vary with time. Ignore the time value of money and compute the optimal pricing scheme of the iPhone.
Assume all fixed costs are sunk. The short run supply curve for a perfectly competitive firm is
Peter Evans emphasizes that states have to play specific roles in order to promote economic development. According to him what are the roles of the states in economic development? Explain and discuss. Compare Evans’s arguments with the neoliberal the..
The existence of ability bias causes estimated rates of return to education to _______ the actual rate of return for a typical individual. The existence of ability bias causes estimated rates of return to education to _______ the actual rate of retur..
Suppose MU1 (2,3) = 7 ; I'm having a really hard time unsrestanding this for some reason, how would one more of good one make seven? Is it that one unit of good one is worth 2 utils and one unit of good two is worth 3 utils so that if you added one m..
The aluminum industry faces a private marginal cost curve PMC = 2Q and a market inverse-demand curve of PD = 60 – QD. However, production creates an externality with marginal damages of MD = Q. Graph the private marginal cost, the social marginal cos..
Craig’s Red Sea Restaurant is the only restaurant in Columbia, South Carolina, that sells Ethiopian food. The demand for Ethiopian food is given by Q = 10,000 - 20P. Craig’s costs are given by TC = 1,000 + 10Q + .05Q2. (A). If Craig behaves like a mo..
Consider an individual with the following utility function: U(r, y) = ln(r+ 1) + y. The marginal utility of r is 1/(1 + r); the marginal utility of y is 1. Find the marginal rate of substitution of y for r. Is there anything unusual about the MRSyr? ..
What effect would each of the following have on the demand and supply for hamburgers and on the quantity of hamburgers demanded and supplied in a city?
Consider a static (one-period), closed economy with one representative consumer, one representative firm, and a government. The level of capital K and government expenditures G in the economy are both fixed exogenously. Formally define a competitive ..
(a) Are lower airline fares at midweek an example of third-degree price discrimination?
The state Medicaid agency sets the price for nursing home care. The unit price is $180 per day. This price is beyond the control of any nursing home. What is the marginal revenue for another patient day at Holly Head Nursing Home?
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