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Suppose people with 15 years of schooling average earnings of $60,000 while people with 16 years of education average $66,000.
a. What is the annual rate of return associated with the 16th year of education?
b. It is typically thought that this type of calculation of the returns to schooling is biased, because it doesn't take into account innate ability or innate motivation. If this criticism is true, is the actual return to the 16th year of schooling more than or less than your answer in part (a)?
What adjustments should be applied in each scenario and calculate the maximum offer.
Economic theory predicts that the cost of general training will be:
You are a manager of a small US firm that sells nails in a competitive US market (i.e., the nails you sell are a standardized commodity (homogenous);
In a market, demand is given by P = 100 − Q and the (private) marginal cost of production for the aggregation of all firms (the industry supply curve) is given by MC = 2Q. Calculate the output and price of if the industry operates under competitive ..
q. you are still a manager of a small wigest producing firm. now there are 14 such firms including yoursin industry.
Which of the following activities could be categorized as backward planning? A certain index for the cost of purchasing and installing utility boilers is keyed to 1988, where its baseline value was arbitrarily set at 100. What is the approximate cost..
Under a strict command-and-control framework, suppose abatement standards are set equally across polluters. Assume the total abatement target is 30 units. Show the cost implications using three graphs, each of a different polluter with a unique MAC c..
The permanent-income hypothesis seeks primarily to explain the
Suppose that only one firm produces and sells soccer balls in the world. The following equations describe its demand, marginal revenue, total cost, and marginal cost curves: How many soccer balls does the monopolist produce? At what price are they so..
What should be the criteria to select the best model in this case?
Assuming a constant marginal cost, a lower price elasticity of demand would call for a relatively lower mark-up ration. Mark-up pricing might be more suitable for monopolies. The higher the fixed cost the lower the break-even output quantity.
How does an increase in government spending affect capital per worker?
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