2.Consider a society made up of three people—Dan (D), Erin (E), and Fred (F).The society must choose between three immigration policies—ClosedBorders (C), Open Borders (O), and Regulated Immigration (R). Supposepreferences are as follows:R>D C>DOCZERZE O0>FR>FC.(a) Write down an ideological ordering on the alternative such that thisissue is described by that ideology.(b) What is the preferred policy of the median voter under that ideology?(c) Use this fact to make an argument for why pursuing that policy might beconsidered serving the public interest in this setting.(d) Make an argument for why you might nonetheless reject the idea thatthis policy is clearly in the public interest or explain why you think thereis no such argument.

Libertarians: O > R > CConservatives: R > C > OProgressives: C > R > O…

Answered: Consider a society made up of three…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Wage W5 W4 W3 W₂ W₁ Q₂ Q3 Q 4 MFC S D = MRP Quantity of Labor Larry's Lumber Mill sells lumber in a perfectly competitive product market. However, Larry's Lumber Mill is the only employer of labor in the small community where it is located. The labor market is depicted by the graph above. (a) Using the labels from the graph above, identify each of the following. (i) The optimal quantity of labor Larry's Lumber Mill will hire (ii) The wage rate Larry's Lumber Mill will pay (b) Using the labels from the graph above, identify the number of workers Larry's Lumber Mill would hire if the labor market were perfectly competitive. (c) Because of growing housing demand, the price of lumber increases. What will happen to each of the following? (i) Larry's Lumber Mill's demand for labor. Explain. (ii) The supply of labor
Question 1 Imagine we live in a world with two types of skill sets: people with high ability and people with low ability. A diploma will cost a high ability person about 8K and will cost a low ability person about 20K. Businesses use education as a screening tool and they intend to pay 25k to workers without a diploma and $X to those with a diploma. In what range must X be to make this an effective screening tool? Your answer will include a set of equations showing the dollar range for both low ability and high ability people.
1) John is operating an internation business in the United Stateds of American and is focused on the limitation or short-term impact of an issue. It can be said that John has a ............. 2) The grestest good for the greatest number of persons is known as the ............... approach. 3) this theorgy states that a country's wealth was deternmined by the amount of its gold and silver holding. It is ...........?
3. This question is about worker-employee matching. a) Explain and represent graphically why if there is only one employer and one employee than a binary choice between either a short work week with a low wage and a long one with a high wage cannot lead to a Pareto efficient equilibrium? b) What needs to happen to the setup of the bargaining between the employer and the worker for a Pareto efficient equilibrium to emerge? c) Explain why a binary choice between either a short work week with a low wage and a long one with a high wage can lead to Pareto efficient equilibria, as long as there are at least 2 workers and 2 employers, with each of the employers looking for exactly one worker. Will there are always be Pareto efficient equilibria in this case?
✓6. (a). Show analytically that if costless negotiation is possible, rights are well- specified, and redistribution does not affect marginal values, then : (i) The allocation of resources will be identical, whatever the allocation of legal rights ((ii) The allocation will be efficient, so there is no problem of externality. Furthermore, if a tax is imposed on such a situation, efficiency will be lost.
Question 3 Krugman Model: Suppose that the elasticity of substitution between vari- eties of a differentiated good is o = 3. The marginal cost of production is c = 2, the fixed cost of operating a business is f = 10. There are two countries, H and F, that initally do not trade. The countries differ only in the size of their economies with EH 100 > EF = 50. All the Krugman model assumptions hold regarding preferences, monopolistic competition, free entry, etc. = Starting from the closed economy, answer the following. a. Profits: Using A to denote the level of demand preceived by a typical firm in H, write the typical firm's profit function. Plug in the relevant numbers for the elasticity of substitution, the marginal cost, and the fixed cost, leaving AH as a constant. b. Profit Maximization: Take the derivative of the profit function and solve the first order condition for the optimal price. What is the optimal price charged? c. Free Entry: Now solve for the total number of entrants…
Mention two (2) of the cultural assimilators and explain how these can facilitate the process of cultural integration of employees
Which of the following are examples of specialization? Check all that apply. O Eileen is good at explaining things clearly, and Darnell is an expert on taxes; therefore, Eileen teaches, and Darnell prepares people's tax returns. O Ralph is a musician. He' hirés a domestic worker to clean his apartment twice a week so that he can concentrate on composing music. O Albert and Juanita each spend half the day tutoring and half the day grading papers. In between tutoring and grading papers, they each must spend an hour driving home from the tutoring center and getting set up for grading papers. Which of the following are necessary conditions for specialization to occur? Check all that apply. O A system of exchange must be in place. O Individuals focus only on the tasks they prefer. O Everyone must be equally productive at the same task. Andrew is a famous celebrity chef on a reality television show and is one of the best chefs in the world. True or False: The principles of comparative…
1. Evaluate the mission, identify its strong and weak sides.2. Propose your (much better) version of the mission statement Welcome to eEuro Inclusion portal! This portal gives less widely used less taught (LWULT) languages in Europe a stronger voice by bringing together LWULT Language Resource Centres (LRC) from a large number of European countries. This is necessary if LWULT languages are to contribute fully to the future educational and cultural heritage of Europe. eEuro Inclusion gives LWULT LRCs greater visibility at the European level. The online exchange of knowledge, expertise and experience between LRCs is a first step towards the founding of a pan-European Association of LWULT LRCs. eEuro Inclusion has two main target groups: LRCs that provide LWULT language services and potential seekers of these services. LWULT’s mission is twofold : to raise public awareness on the importance of learning these languages by facilitating free access to information and opportunities for LWULT…
10. The figure below indicates the production functions and indifference curves in a job market signaling game. The worker has two type, High and Low ability. The receiver is a perfectly competitive market whose profits are driven to zero in equilibrium. Denote the education level choices by the High type by ey and the Low type by er. Let e* (L) and e* (H) be the equilibrium levels of education chosen by the Low type and the High type, respectively, in the full information case. In a separating Perfect Bayesian Equilibrium of this game IH y(H, e) wage y(L, e) education (a) eH = e*(H) and e, = e*(L). (b) en > e*(H) and e, = e*(L). (c) en = e*(H) and er > e*(L). (d) eH < e*(H) and e, < e*(L). 000 DD F4 F5 F6 E7 F8 F9 F $ % & 4 5 6 7 8 9
Brad is an old mechanic on the street, and he can make Cars and Trucks. He gets paid by the hour, but he has a set number of hours available for work when he is building Cars and/or Trucks. In this case, Brad has 5 total hours of work. Each hour of working can produce either 3 Cars or 1 Truck. With that said, Brad has attained quite a great age, and as a result, he has a constraint in his CAR production abilities. Specifically, Brad has to sit down and take his arthritis medication and relax for 1 hour (rest period) after he spends/allocates the first 2 hours producing CARS. This break of rest for his medication is included as a part of Brad's 5-hour workday. As a result, if Brad chooses to work more than 2 hours for the production of CARS (because he loves his work so much), he has to allocate/spend 1 of his total 5 working hours to taking a break to sit down and take his medication. Additionally, Brad trades his Cars and Trucks with outside market merchants so he can earn money to…
Question 4 A and B are both currently single. They are deciding whether or not they should get married and among other things are considering the effect that marriage will have on the quantity of home commodities that they can produce. While single, A and B each face the following budget and time constraints: BC: x = wh TC: 1+h = 1 where h is market hours, w is the market wage and there is a time endowment of 1 unit. If A and B marry, they will face the following budget and time constraints: BCM: x = x4 + xB = waha + wghg TC: tA + hA = 1 TC: ta + ha = 1 t = tA+B where the superscript M stands for `married". Now consider, A has a higher market wage than B does: wA = 4w'B . B specializes in home production. In the above scenario, the expression for the production function z in terms of wB and t is 4w B (2 – 1)! 8wB (2 – 1)1 O 4wB (2 + 1) O 4wa (2 - 1) Oooo

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