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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 this is the case.
Subsidy programs are likely to have a number of secondary effects in addition to the direct effect on dairy prices. Explain what impact do you suppose farm subsidies are likely to have on the following?
Assume that an economy experiences both positive population growth and technological progress. A reduction in the saving rate will cause:
What are some pros and cons to command-and-control strategies. How does C-and-C compare to Incentive strategies? In general, do you favor such strategies? Under which conditions? Please provide your rationale.
What is the break-even probability of collection?
Assume to latest discoveries in biochemistry significantly lengthen our life expectancy. Illustrate what is the impact on the educational attainment of workers
Illustrate what problem is posed by any comparison over time of market values of various total outputs. How is this problem resolved.
Game Theory (Stag-Hunt Game): N players go hunting; each can choose to hunt either stag or hare, so the set of actions available to each player is {S,H} (S stands for hunt stag, H stands for hunt hare). If all N players hunt S, then each gets payoff ..
Draw the demand and supply graph for each of the following situations: 1) Sellers drop out of the wedding photography business 2) Gas prices decrease 3) Fans become more supportive of pro soccer 4) Hockey fans experience a decline in income 5) A book..
What was the absolute amount of increase in real income? - Make your calculations of the percentage change in real income and the absolute change in real income using the approximation formula and using the more precise method with index numbers.
About 80% of the U.S. federal money that could have been spent on the project could alternatively have been used to improve the subway system. Is this fact relevant for estimating the net benefit of the project? If your answer is no, explain why the..
To meet increased delivery demands, a Dairy company just bought 15 new delivery trucks. Each truck cost $30,000 and has an expected life of 4 years. The trucks can each be sold for $8,000 after four years. Using CCA Class 10 depreciation, determine a..
Consider two fictional economies, one called the domestic country and the other called the foreign country. Given the transactions listed below, construct a balance of payments account for each county. Include a statistical discrepancy.
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