5.The human capital model of investment in an athlete's training incorporates both the costs andbenefits of different types of skills. Economists refer to this type of human capital investment as onthe job training (OJT) and they classify them as either general or specific.Define both types of human capital investments.Explain how the concept of general and specific OJT can be applied to professional sports.Provide examples of each in sports..Explain why the costs and benefits of OJT should be discounted to the present before a team/ player can make a rational decision.Illustrate the costs and benefits to the athlete & firm for general and specific human capitalinvestments. Illustrate each on a separate graph.

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Answered: 5. The human capital model of…

Principles of Economics, 7th Edition (MindTap Course List)

7th Edition

ISBN:9781285165875

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter20: Income Inequality And Poverty

Section: Chapter Questions

Problem 3PA

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6 How and when will AI affect the relative earning power of engineers in society? What forms of inequality could this create or exacerbate?
8 1. In what sense is education a type of capital? 2. What conditions lead to highly compensated superstars? Would you expect to see superstars in dentistry? In music? Explain. 3. Give an example of how discrimination might persist in a competitive market.
5. Michael, Inc., a manufacturer of electric guitars, is a small firm with 50 employees. The table below shows the hourly wage distribution of the employees. Hourly Wages (In Dollars) Number of Employees 10 - 13 8 14 - 17 12 18 - 21 20 22 - 25 10 a. How many employees receive hourly wages of at least $18? b. What percentage of the employees have hourly wages of at least $18? c. What percentage of the employees have hourly wages of less than $14?
1. Suppose a new drug was discovered that slowed the deterioration of health that accompanies aging. (All the graphs you draw should include labels, down and right arrows to indicate the changes before and after the new drug were discovered) a. What's the effect on the available time for work Tw and play Tz? Draw its labor–leisure graph including both budget constraints and indifference curve. b. What's the effect on optimal health H* ? Draw its marginal efficiency of capital (MEC) curve. c. Draw the production possibilities frontier. Explain it.
5.(a) What important policy debates provide the background for Malthus’ work? (b) Explain Malthus’ population theory. What policy implications did Malthus draw from this analysis?
20.7 Essay: How Economic Inequality Arises 1) What is "human capital" and why is it considered an investment? 2) What is "human capital"? How is it important in the determination of a worker's wage rate? 3) How is human capital acquired? 4) How does the demand for high-skilled workers compare to the demand for low-skilled workers? Why does this difference exist? 5) How does an increase in the cost to acquire a skill affect the vertical distance between the supply curves of high-skilled and low-skilled workers?
3 Imagine that the wage-schooling locus is given by w(s)=s^(1/3). What will be the optimal level of education for an individual to take if next period’s earnings in any given time are worth 95% of current earnings for that individual? ---- HINT: the answer is s=20/57. I need step by step solution
1-Let’s re-apply Figure 5.3 to illustrate the market for risky jobs. An innovation reduces the cost of making a job safe. What happens to reservation wages on each side of the market? Does the innovation increase or decrease the demand for labor on risky jobs? Does the innovation raise or lower the wage premium associated with risky work?
65- The least amount of money that a player will accept to play foe a team is called the player’s A- reservation wage B- marginal revenue product C- their average compensation D- their minimum wage
7. Define the economic background of the tendency for courts to award custody to mothers in divorce proceedings. Describe the system of spousal selection Define and discuss the economic model of spousal selection.

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