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Suppose there are two types of jobs in the lobar market: "safe" jobs and risky jobs. Describe
i) how the worker decides whether to accept a safe job (where she cannot be injured) or a risky job (where she will certainly be injured).
ii) how the firm decides whether to offer a safe working environment or a risky environment.
b) There are two types of farming tractors on the market, the FT250 and the FT500.Over their lifetime, one in ten FT250s is expected to result in an accident, as compared to one in twenty-five FT500s. Further, one in one-thousand FT250s is expected to result in a fatal accident, as compared to only one in five-thousand FT500s. The FT250 sells for $125,000 while the FT500 sells for $137,000. At these prices, 2,000 of each model are purchased each year. What is the statistical value farmers place on avoiding a tractor accident? What is the statistical value of a life of a farmer?
Within this group, the average weekly wage of the high-school graduates is 2/3 the amount of college graduates. Assume that wage elasticity and all other individual characteristics are the same across the education groups.
Suppose that you are on a desert island and possess exactly 20 coconuts. Your neighbor, Friday, is a fisherman, and he is willing to trade 2 fish for every 1 coconut that you are willing to give him. Another neighbor, Kwame, is also a fisherman, a..
Plot the wage- setting and price setting equation or a property labelled graph and identity the nature rate of unemployment.
An individual wishes to deposit an amount of money now and $100 every six months so that at the end of five years $1,500 will have been accumulated. With interest at 4% per year, compounded semiannually, how much should be deposited now?
What happens when there is a surplus of imports brought into the U.S.? Cite a specific example of a product with an import surplus, and the impact that has on the U.S. businesses and consumers involved.
Estimate your firm's short-run production function. Do the parameter estimates have the appropriate algebraic signs Are they statistically significant at the 5 percent level b. At what point do you estimate marginal product (MP) begins to fall
What does gross domestic product tell us? How did GDP change from 2008? What caused these changes? What is real GDP? What was real GDP in 2008 and has it changed since 2008?
Formulate a reason why the elasticity of demand is an important consideration when analyzing the impact of a shift in supply and why the elasticity of supply is an important consideration when analyzing the impact of a shift in demand. Include at lea..
Mineral resources are an important source of revenue for developing nations. Royalties are one method of receiving payment for allowing investment, but often foreign companies send profits out of the country.
Compare and contrast the strengths and weaknesses of today's Federal Reserve operating procedures and monetary decision making policy.
Explain how can you apply what you learned about the concepts of supply and demand from the simulation to your workplace.
Suppose that the income elasticity of demand for land is +0.75. The unit commuting cost (cost per mile) is the sum of monetary cost (30 cents per mile) and time cost (opportunity cost). Suppose that the typical commuter earns a wage
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