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Baseball players and movie stars get paid millions of dollars to hit baseballs and act, respectively. We want our kids to be well educated, and we always talk about how valuable public school teachers are, but we don't really want to pay them that much. If the average NYC public school teacher teaches 30-35 students per class, per year x 6-8 classes per year and does that for 10 years, he/she has touched the lives of thousands of young people helping to develop their intellect. What is that worth to society? Apparently, not that much. NYC public school teachers, and inner city school teachers more generally, are paid about $10,000 less than their counterparts in the suburbs - who have smaller classes, more resources, more teacher's aides, etc.. Imagine if we paid the math teacher only 1% of Alex Rodriguez's salary (the math teacher would earn $295,000 per year). Brad Pitt spends 6 weeks working on a movie, has his expenses paid for, and gets paid 25 million dollars for doing so, plus a portion of the films profits from ticket sales and video releases, while Jerry Seinfeld (when his tv show was on NBC) earned 5 million dollars per episode plus royalties every time the show is re-run; Jerry's fellows stars only earned 1 million per episode. NYC starts the average social worker somewhere between 30-35 K per year while overburdening them with a caseload that would make your head spin. Yet we say that protecting children is important. Is there something wrong here?
Discuss this - but use some supply and demand terminology - determinants of each, laws of each, etc., Bring in other examples you can think of - discuss those.
Assume that the equation for demand for bread at a small bakery is Qd = 60 - 10Pb + 3Y If Y is 10 and Pf is $1, solve mathematically for equilibrium Q and Pb.
ECON300 A consumer has a budget of $500 to spend on two goods, X and Y. She likes to consumer a unit of X in combination with a unit of Y.
Describe the present economic crisis situation in Europe. Why has it been so difficult for the Europeans to find a solution to this problem? Comment on what implications the crisis may have for the rest of the world if Europeans are not able to ag..
The assignment is to evaluate both parts, the traditional NPV calculation as well as the Real Options approach. The probability of a successful project (or pilot) is now .7 (instead of .5) and the probability of an unsuccessful project is .3 (ins..
Critical Thinking Renewable energy resources account for only a small portion of our total energy production. Explain the changes that would have to take place.
Write an essay applying the economic way of thinking to an online newspaper or newsmagazine articles that you will find. Choose an article that raises a question interesting to you and that raises questions that do not have obvious answers.
kermit is considering purchasing a new computer system. the purchase price is 100000. kermit will borrow one-fourth of
Analyze measures of economic growth, and comparative and absolute advantage in international trade. Determine the stage in the business cycle for Saudi Arabia's economy.
Presidential democracies lack party control while parliamentary democracies have strong party control. Now that I have described the four keys differences, explain what some of them mean.
Calculate how many whole days will be required to complete an order for 20,000 units of item B. The above orders for Items A and B are invoiced together, and the invoice total is £450,000.
Explain how our standard of living depends upon our level of real GDP per person, but there might not be a one-to-one relationship
Elucidate the bumper harvest increase or decrease the total revenue of American wheat farmers. How could you have predicted this from your answer to part a.
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