6. "Demand for higher education is highest among the wealthy. This has led to an upward- sloping demand curve for college education. The higher the tuition charged, the greater is demand". Discuss this statement.
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- Q) Deriving the Demand Curve What does the demand for enrollments in your college look like? What is on the axes? How do tuition, enrollment, and total revenue interact?17. From an economic perspective, why should the best teacher in the world never teach?(A) Because the top guy never simps for the education system.(B) Because with his talents, he can make more money in another job.(C) Because teaching will become superfluous in the near future with the implementation of artificial intelligence (AI).(D) Because the teaching profession is expected to undergo administrative changes inthe near future, and he would do better as a school administrator.9) What important assumption does the supply and demand model make a) people are motivated by self-interest b) demand is an inverse relation c) everyone in the market is a price taker d) all goods are normal goods
- Why might the grants-in-aid expenses in the athletic department financial statement overstate the actual expenditures? a. The actual marginal cost of an athlete to the university may be less than the amount of his or her scholarship b. The NCAA requires schools to use out-of-state tuition as the proxy for the cost of an education, which inflates the reported expense c. Athletic directors have been known to inflate these figures as a way to extract larger subsidies from the university d. Most schools combine the scholarship expenses of both athletes and nonathletes2. What will happen to the income of pediatricians? in the early 1990s, concerns about the supply of pediatricians led to an expansion of pediatric training. As a result, the number of pediatricians is expected to grow from about 45,000 in 2005 to about 60,000 in 2022. In contrast, the number of children is expected to grow by less than 10 percent, meaning that the number of children per pediatrician should fall by 20 percent (Shipman Lurie, and Goodman 2004). The decline in the number of children per pediatrician seems likely to result in lower incomes for pediatrician. Further, this decrease may be amplified by the emergence of retail clinics that are staffed by nurse practitioners and offer convenient, walk in services for many common childhood illnesses. Model the effects of the drop in the number of children per pediatrician using per pediatrician demand and supply services. How do you expect those curve to shift over time? What impact will this shift have on the incomes of…1. Second Fundamental Theorem of Welfare Economicsa. Describe the theorem, making sure that you define clearly the terms used in thedescription (e.g. if you use the term “efficient” you have to describe what this means).b. Explain why the theorem implies that there is no intrinsic trade-off between efficiencyand interpersonal equity. c. Demonstrate your argument using an Edgeworth box, making sure that you describe allthe elements of the box appropriately.
- 6. The second theorem of welfare economics states that any particular point on the utilities possibility frontier can be reached if the government willa. redistribute income properly to begin with.b. leave the competitive system alone.c. equalize people’s marginal rates of substitution.d. adopt a utilitarian social welfare function.1. The von Thunen model of land and housing rents . . .A. Is refuted by the fact that the poor live closer to the city center in most American cities.B. Is refuted by the fact that land prices generally decline as we move away from the Central Business District in American cities.C. Is primarily a framework to illustrate the idea of compensating differentials in urban spatial prices. D. None of the above.No written by hand solution Consider an income guarantee program with an income guarantee of $5,000 and a benefit reduction rate of 40%. A person can work up to 2,000 hours per year at $10 per hour. a. Draw the person’s budget constraint with the income guarantee. b. Suppose that the income guarantee rises to $7,500 but with a 60% reduction rate. Draw the new budget constraint c. Which of these two income guarantee programs is more likely to discourage work? Explain.
- 16. A universal assumption in economic theories is that a) people are motivated by self-interest b) what is true for one person must be true for everyone c) whatever goes up must come down d) as price increase, quantity demanded decreases6, Describe the mechanism (words and graph) and explain the economic thrust of the kinked demand curve hypothesis of Paul Sweezy. What is the major theoretical criticism of this hypothesis? Briefly for managerial economics class7. The demand curve for labor shows what?a. The demand for labor is immune to wage pressures.b. There is a negative relationship between wage and quantity.c. The supply of labor is higher at higher wage levels.d. There is a positive relationship between wage and quality.
