electricians. At the initial wage of 60K/year (including benefits) 480 are currently employed in the local area and 20 are estimated to be unemployed. The MEBT is 0.2. After electricians are hired for the project, the local wage increases to 65K/year and the number employed locally increases to 510. Estimate the opportunity cost of hiring the workers. Draw a diagram to illustrate. Explain
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Suppose a project needs to hire 50 electricians. At the initial wage of 60K/year (including benefits) 480 are currently employed in the local area and 20 are estimated to be
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- Over the last several decades improvements in computer software, hardware and robotics have dramatically altered the ability of machines to do complex repetitive tasks. Discuss the implications for semi-skilled skilled workersas a result of this improvement. Discuss how the cost of the new technology influences the choice of inputs used in production and the rate of adoption of the new technology. Can you please answer this question so there will be no plagiarism, you have answer for this question in your website, but more likely it is already copied by someone elsecity is trying to estimate the most money it should offer to contractors as an incentive for them to finish a disruptive road project early. The transportation project lengthens transport times by 10 hours per week for 40,000 workers. Assume that all workers are paid $10 per hour in a perfectly competitive labor market. What is the most that the city should pay to the contractors as an incentive for completing the project four weeks earlyTen years ago, the town of Easton decided to increase its annual spending on education so that its high school graduates would be able to earn higher wages. Now Easton has asked you to evaluate the effectiveness of the spending increase. Their data show that before the spending increase, the average annual salary of recent high school graduates was $25,000 and that now that average salary has risen to $28,500. Fortunately for your analysis, a neighboring community (Allentown) did not change its annual spending on education. Ten years ago, recent Allentown high school graduates earned an average of $22,500, and now that average is $23,750. (a) Use a difference-in-differences estimator to determine whether Easton’s spending increase caused the wages of their high school graduates to increase. (b) What underlying assumption do you have to make in order for your estimate to be valid? What might cause your underlying assumption to be invalid? (c) This data set contains only two…
- Consider the following model of the factors that influence a person's annual wage: Y = β0 + β1X1 + β2X2 + β3X1X2 + β4X3 + u where Y = annual wage, in dollars X1= years of formal education X2 = age, in years X3 = variable equal to 1 if male, 0 otherwise U = error term Which of the following is the interpretation of β1 alone? The effect of X1 on Y when X2 = 0 The effect of X1 on Y when X2 is at its median value. The effect of X1 on Y, holding all else equal. The effect of X1 on Y when X2 is at its mean value.Your software company recently instituted a highly regarded training program for newly hired software developers. The benefits of this program include not only the benefits to employees, but also the goodwill generated by an increase in your reputation among customers and professional groups. The costs of this training program include all of the labor, space, and consultants necessary. Suppose these benefits and costs are givenby B(Q) = 100Q − 2Q2 and C(Q) = 10Q, where Q represents the amount of hours each software developer should spend in training. (Note that MB = 100 − 4Q, MC = 10, and also that time can be measured in fractions of one hour.) a. What level of Q maximizes the total benefits of your newly introduced training program?b. What level of Q minimizes the total costs of the program?c. What level of Q maximizes the net benefits?0. Radioco manufactures two types of radios. The only scarce resource that is needed toproduce radios is labor. At present, the company has two laborers. Laborer 1 is willing towork up to 40 hours per week and is paid $5 per hour. Laborer 2 will work up to 50 hoursper week for $6 per hour. The price as well as the resources required to build each type ofradio are given in the Table. Letting xi be the number of Type i radios produced each week,Radioco should solve the following LP:a) For what values of the price of a Type 1 radio would the current basis remain optimal?b) For what values of the price of a Type 2 radio would the current basis remain optimal?
- PLEASE ANSWER D Your software company recently instituted a highly regarded training program for newly hired software developers. The benefits of this program include not only the benefits to employees, but also the goodwill generated by an increase in your reputationamong customers and professional groups. The costs of this training program include all of the labor, space, and consultants necessary. Suppose these benefits and costs are given by B(Q) = 100Q − 2Q2 and C(Q) = 10Q, where Q represents the amount of hours each software developer should spend in training. (Note that MB = 100 − 4Q, MC = 10, and also that time can be measured in fractions of one hour.) a. What level of Q maximizes the total benefits of your newly introduced training program?b. What level of Q minimizes the total costs of the program?c. What level of Q maximizes the net benefits?d. What level of training is optimal? Why?A firm has employed its workers X and Y optimally such that the marginal product of X is 10 bags while that of Y is 15 bags of wheat. If Y’s wage is K750, what is X’s wage? b) Company B has employed 20 workers whose average product is 1000 Kgs of maize. The wage given to each worker is K2000 while the price of each bag is K20. An additional worker produces 2000 but demands a wage of K3000. Should the additional worker be employed? c) Firm A sells its product at K20 while its variable costs is K15 per unit. It can earn K3 per unity accounting profit in its next best alternative. How much should it produce to earn a zero economic profit? d) What will be the economic profit if firm A above produces and sells 4000 units of its productA mechanic quits her current job, which pays $38,000 per year. She can take a job with another firm for $45,000 per year or work for herself. The opportunity cost of working for herself is $5,000. $40,000. $85,000. $45,000.
- gros profit per unit not including labour cost- $100 # Workers Output 1 20 2 36 3 48 4 56 5 60 6 62 If the wage rate is $1,000 a week, how many workers should the factory hire? If a surge in popularity for the factory’s brand allows them to raise the product price such that the gross profit rises to $150, how many workers will the factory hire now? Calculate the number of garments produced in each of the two cases above.A firm has a production function Y=150N^0.6. The real wage is W=30. The production process of this firm causes pollution. The government passes a law that requires the firm to stop polluting. This firm discovers that it can prevent pollution by hiring 0.2 additional workers for each worker in the production process to clean up. Let N denote the amount of labor hired on the production line. If the firm wants to maximize its profit, what should be the value of N?5. 7) Fifteen years ago, the town of Easton decided to increase its annual spending on education so that its high school graduates would be able to earn higher wages. Now Easton has asked you to evaluate the effectiveness of the spending increase. Their data show that before the spending increase, the average salary of recent high school graduated was $25,000 and that now the average salary has risen to $28,500. Fortunately for your analysis a neighboring community did not change its annual spending on education. In the other town 15 years ago high school graduates earned an average of $22,500, and now the average is $23,750. a) Use a differences-in-differences estimator to determine whether Easton’s spending increase potentially caused the wages of high school graduates to rise. b) What underlying assumption do you have to make in order for your estimate to be valid? What might cause that underlying assumption to not be valid?