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Suppose that black workers and white workers are thought to be equally productive on average, but employers cannot perfectly observe the productivity of a given worker. In addition, suppose that employers know more about a worker's true productivity when the worker is a member of the employer's racial group. In other words, black employers have better information about the true productivity of black workers, and white employers have better information about the true productivity of white workers. According to the theory of statistical discrimination, if you are a low-skill black worker, would you rather work for a black employer or a white employer? Explain.
A prolific artist, Pablo Picasso (1881-1973) painted 1,000 paintings during what is known as his “Blue Period”, and all thousand paintings are on display and hanging in galleries throughout the world. Draw the supply curve for Picasso’s Blue period w..
What kinds of treatments will comparative effectiveness research compare?
An individual must choose between two business opportunities. If he invests in A, he will make $20 if the economy is expanding, $10 if it is stagnant, and lose $8 if it is contracting. What choice should he make using the minimax regret criteria? Bri..
Why is the growth of consumer spending considered a positive factor for expansion of GDP even when personal saving is falling to a negative level? Are the long term and short term effects of a negative personal saving rate both favorable to economic ..
During the last decades there has been an increase of anti-capitalistic movements around the world which are fundamentally different from those of the XIX-th and XX-th centuries in the sense that they do not belong to a "working class", but rather to..
What happens to the equilibrium prince and quantity in each markets when the government reduces the supply ofgoods with elastic demand.
Consider a perfectly competitive, constant cost industry with a large number of identical firms. Why is this industry not in long run equilibrium? Explain in words and graphs what changes will take place to bring the industry to an equilibrium point...
Consider a market with only two firms. Demand on this market is given by D(p) = 20 – 3p. Initially both firms have the same constant per-unit cost c1 = c2 = 2. What is the equilibrium in this market if firms behave as Bertrand competitors? How much d..
The government has decided that the free-market price for milk is too low.
Suppose we have two types of consumers (for simplicity we’ll assume that there is one person of each type). They have inverse demand curves given by: p1 =110−2q1 andp2 =70−4q2. Initially, we will assume that the monopolist can tell them apart and tha..
Assume that Robert is willing to work for 40 hours per week no matter what is the wage rate, so his labor supply curve is vertical at 40 hours. The demand curve for Robert is given by the equation: What is Robert’s equilibrium wage rate and hours wor..
Lizzy Richardson’s home in New York City was recently gutted in a ?re. Her living and dining rooms were completely destroyed, and the damaged personal property had a replacement value of $35,000. The average age of the damaged personal property was 5..
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