When you explain this answer, can you elaborate on the differences between marginal and total product/cost? O FalseQuestion 23The following data refer to Questions 23 and 24 only.Number of workersTotal ProductMarginal Product188.10325430----6.34Please refer to the data set above. When two workers are employed:O total product is 20.O total product is 18.O average product is 10.O total product cannot be determined from the information given.Question 24Please refer to the data set in Ouertion 11 TI

Total product is the total output produced by a firm. Marginal product is the extra output produced…

The following data refer to Questions 23 and 24 only. Number of workers Total Product Marginal Product 1 8 2 10 3 25 समाण पेमामा स 4 30 --- 3 6. 34 Please refer to the data set above. When two workers are employed:

The following data refer to Questions 23 and 24 only. Number of workers Total Product Marginal Product 1 8 2 10 3 25 समाण पेमामा स 4 30 --- 3 6. 34 Please refer to the data set above. When two workers are employed:

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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MP believe that there is a causal relationship between earnings and years of schooling. They show you an estimate of the impact of years of schooling on annual earnings: There are two groups of individuals – group 1 and group 2. Group 1 on average earns £60,000 per year with the average level of post-compulsory education of 6 years, while group 2 earns on average £40,000 with the average post-compulsory education of 4 years. The MPs conclude that the annual return to an additional year of education is 25% using the following equation [(£60,000-£40,000)/40,000]/(6-4)=25%. Ignoring time preferences and discounting, and if both groups face the same cost of schooling, you need to explain to the MPs why this is not a good estimate of the annual return to an additional year of education. Propose methods to the MPs to deal with the problem
Education: Does College Pay Off? It is costly in both time and money to go to college.Does it pay off? According to the Bureau of the Census, the answer is yes. The averageannual income (in thousands of dollars) of a household headed by a person with thestated education level is as follows: 24.3 if ninth grade is the highest level achieved.41.4 forhigh school graduates. 59.7 for those holding associate degrees, 82.7 for thosewith bachelor's degrees, 100.8 for those with master’s degrees, and 121.6 for thosewith doctoral degrees. Make a bar graph showing household income for eacheducation level
Labor economists studying the determinants of women’s earnings discovereda puzzling empirical result. Using randomly selected employedwomen, they regressed earnings on the women’s number of children anda set of control variables (age, education, occupation, and so forth). Theyfound that women with more children had higher wages, controlling forthese other factors. Explain how sample selection might be the cause ofthis result. (Hint: Notice that women who do not work outside the homeare missing from the sample.) [This empirical puzzle motivated JamesHeckman’s research on sample selection that led to his 2000 Nobel Prizein Economics. See Heckman (1974).]
Labour or work relationships have existed since the first individual approached another to perform a task against the promise of payment. Therefore, the employment relationship should be placed in the context of one of the mosty important occurences in economic history, the industrial revolution. In the view of the statement, citically assess the convulsion of the industrial revolution which commenced in the fourteenth century ans resulted in the emergence of the working class. Provide a detailed analysis of the employment relationship between the parties involved in the early years of the industrial revolution
Workers are compensated by firms with benefits in addition to wages and salaries. The most prominent offered by many firms is health insurance. Suppose that in 2000, workers at one steel plant were paid $30 per hour and in addition received health benefits at the rate of $6 per hour. Also suppose that by 2010 workers at that plant were paid $31.50 per hour but received $13.5 in heakth insurance benefits. a. By what precentage did total compensation (wages plus benefits ) change at this plant from 2000 to 2010? Total compensation increased or decreased by________ percent? What was the approximate average annual percentage change in total compensation? b. By what percetage did wages change at this plant from 2000 to 2010? Wages increased or decreased by ______percent? What was the approximate average annual percentage in wages? c. If workers value a dollar of heath benefits as much as they value a dollar of wages, by what total percentage will they feel their incomes have risen over…
Q. 1 You are the mayor of a small town with 2000 residents. The head of your economic development agency recently conducted a survey in which the 2000 residents said that a public concert in the centre of town would be worth $20 to cach of them. Since it costs only $5000 to hold the concert, you organized and held the concert, which everyone in town enjoyed. But when you asked for donations to pay for the concert, you only collected $30 in total. What do you know? a. The survey certainly overstated how much the concert was worth to each resident. b. From the standpoint of total costs and benefits, the cost of the concert certainly exceceded the benefit. c. The concert was an example of the Tragedy of the Commons. d. Residents of the town were probably free riders.
Average Earnings by Innnigrant Cohort 2010 2010 2015 2015 Cohort Label YSM Earnings (S) YSM Earnings ($) Native-born Native N/A 73,915 N/A 80,245 1955-1959 1M5559 52.5 97,361 57.5 97,212 1960-1964 1M6064 47.5 91,822 52.5 93,156 1965-1969 1M6569 42.5 88,610 47.5 106,552 1970-1974 1M7074 37.5 88,392 42.5 93,163 1975-1979 1M7579 32.5 85,919 37.5 97,756 1980-1984 1M8084 27.5 79,911 32.5 81,500 1985-1989 1M8589 22.5 70,143 27.5 78,100 1990-1994 1M9094 17.5 64,342 22.5 69,033 1995-1999 1M9599 12.5 68,821 17.5 73,976 2000-2004 IM0004 7.5 66,971 12.5 74,907 2005-2009 IM0509 2.5 58,623 7.5 67,780 2010-2014 IM1014 2.5 60,596 NOTE: "YSM" refers to the average years since migration. This is a table of average earnings for various immigration cohorts as well as native-born Canadians for 2010 and 2015. These values are expressed in 2015 real dollars. A) Calculate the cross-sectional entry effect for the IM0509 cohort. Interpret what the number…
Q1(a) When a company buys medical insurance for all its workers, the insurance premium per workers is generally much cheaper on the average for comparable coverage, compared to insurance purchased by individuals. The difference in cost may not be just due to differences in the administration costs in handling bulk insurance policies in a company’s transaction. Explain, in the context of information, for this cost differential. (b) It is discovered that children who attended pre-schools are helpful and considerate in the society. However, preschool is optional and very costly. Not all parents send their children to pre-school. (i) Use an appropriate diagram, depict the market for pre- school and explain the type of externality described. Is the market efficient? (ii) From social efficiency point of view, should the government make it compulsory for all parents to send their children to pre-school? Explain.
What is Lerner index? How is it calculated? What does it calculated outcome tell us?
Some MPs believe that there is a causal relationship between earnings and years of schooling. They show you an estimate of the impact of years of schooling on annual earnings: There are two groups of individuals – group 1 and group 2. Group 1 on average earns £60,000 per year with the average level of post-compulsory education of 6 years, while group 2 earns on average £40,000 with the average post-compulsory education of 4 years. The MPs conclude that the annual return to an additional year of education is 25% using the following equation [(£60,000-£40,000)/40,000]/(6-4)=25%. Ignoring time preferences and discounting, and if both groups face the same cost of schooling, you need to explain to the MPs why this is not a good estimate of the annual return to an additional year of education. Propose methods to the MPs to deal with the problem. (300 words)
Year Month GOIL December 0.241667 2011 January 0.258333 February 0.258333 March 0.25 April 0.258333 May 0.266667 June 0.258333 July 0.258333 August 0.266667 September 0.266667 October 0.266667 November 0.258333 December 0.266667 2012 January 0.266667 February 0.266667 March 0.283333 April 0.316667 May 0.391667 June 0.408333 July 0.433333 August 0.45 September 0.458333 October 0.5 November 0.516667 December 0.516667 2013 January 0.566667 February 0.741667 March 0.866667 April 1.125 May 1.166667 June 1.041667 July 0.691667 August 0.725 September 0.75 October 0.75 November 0.775 December 0.89 2014 January 0.89 February 0.77 March 0.81 April 0.89 May 0.9…
Data 1:*2008 and 2013 National Demographic Health Survey showed that the percentage of womenage 15- 19 who had a live birth or is pregnant with first child had increased from 9.9% - 10.1% inthe country.*In Region 1, the percentage of women age fifteen 15 - 24 who havebegun childbearing also increased from 26% - 29%. This was attributed to the following riskybehaviors identified by the adolescents during the Regional Adolescent Congress: Early sex,Substance abuse, Pornography, VAWC (rape case), Fraternities (bad gangs) & Prostitution. Questions:1. What is the impact of the given data to mortality and morbidity rate of adolescent population? 2. What is the impact of the given data to mortality and morbidity rate of neonatal population? 3. Give at least 3 social determinants of health which are contributory factors leading to the datapresented and justify..