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Suppose there are two types of persons: high-ability and low-ability. The schooling required to obtain a particular diploma costs a high-ability person $8,000 per year, and it costs a low-ability person $10,001 per year. Firms wish to use this diploma as a signal of an individual’s ability. The firms intend to pay workers such that the present value of lifetime earnings for a worker without the diploma is $250,000 and the present value of lifetime earnings for a worker with the diploma is $450,000.
(a) What range of years of education must be required to obtain this diploma in order for the diploma to be an effective signal of worker ability?
(b) In a competitive labor market, how many years of education will be required to obtain this diploma in equilibrium? Briefly explain why in this case.
Suppose a monopolist has a constant marginal cost of $20 per unit, and a fixed cost of $100. The demand curve for the product of the monopolist is given by P=100-Q, and its corresponding marginal revenue is given by MR=100-2Q, where Q is the amount o..
Suppose the market for good X has a four-firm concentration ratio of 0.50. Furthermore, assume that total sales in the industry are $1.2 million. Based on this information, we know that sales for the largest four firms in the industry equal (in aggre..
The business cycle is really inevitable and will occur no matter what. So what is the point of macro policy? (Make sure you know what “policy” means)
For each of the following cases, find the future value at the end of the deposit period at the given nominal interest rate. For the following mixed stream of cash flows, determine the future value at the end of the final year if deposits are made at ..
Even though it is reported that weapons of mass destruction were not found in Iraq, do you agree or disagree with the statement: The Bush administration is justified in toppling Saddam Hussein, considering the threat that he posed to world no longer ..
According to Kothari(2001,p.108)’ A large fraction of published research in leading academic accounting journals examines the relation between financial statement information and capital markets ,referred to as capital markets research’. Explain what..
How will this affect the firm’s profit maximizing use of coal and output? d) What is the advantage and the disadvantage of placing a tax on the burning of coal to reduce global warming?
Tom borrowed money to purchase stocks and taxable corporate bonds. During 2014 Tom paid $10,000 interest on this loan. Janice’s gross income in 2014 included $40,000 of wages, $5,000 of interest and $2,000 of capital gain taxed at the lower capital g..
Indicate two public policies that would be appropriate for addressing this situation. Explain their impact on your graph.
Illustrate what new decision will you make regarding production levels and pricing for your Widget facility.
Explain and illustrate with diagrams the differences between diminishing marginal returns and decreasing economies of scale and cite causes and examples.
Consider an initial stock of 5000 tons of high grade ore. The demand function for this ore is P = 2400 – 0.2Q (Q is measured in tons/year), and the cost of extraction is constant at c = $200/ton. The discount rate is r = 0.10. What is the maximum sto..
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