Economics Plus MyLab Economics with Pearson eText (2-semester Access) -- Access Card Package (6th Edition) (The Pearson Series in Economics)
6th Edition
ISBN: 9780134417295
Author: R. Glenn Hubbard, Anthony Patrick O'Brien
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Question
Chapter 17, Problem 17.4.5PA
To determine
The worthiness of a player to the team and if there is any difference across players and teams.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Use labor supply and demand graph to illustrate the effect on league salaries (show old and new equilibrium salary) of:
(a) An increase in the number of players available
(b) A minimum salary set above the equilibrium level
(c) The teams are now how to pay more for the players’ health insurance
[Related to Solved Problem 10.4 on page 330] In an article in the Quarterly Journal of Economics, Ted O’Donoghue and Matthew Rabin make the following observation: “People have self-control problems caused by a tendency to pursue immediate gratification in a way that their ‘longrun selves’ do not appreciate.” What do they mean by a person’s “long-run self ”? Give two examples of people pursuing immediate gratification that their long-run selves would not appreciate. Based on Ted O’Donoghue and Matthew Rabin, “Choice and Procrastination,” Quarterly Journal of Economics, February 2001, pp. 125–126.
Suppose that you have the following
information about the market for players on
your team:
Supply: W=5+N
Demand: W=35-2N
a. Draw this graphically and calculate the
equilibrium wage and number of players on
the team.
b. Suppose that the players union negotiates
a roster size of only 5 players on a team. Draw
this
graphically and calculate the new equilibrium
wage number of players on the team.
Chapter 17 Solutions
Economics Plus MyLab Economics with Pearson eText (2-semester Access) -- Access Card Package (6th Edition) (The Pearson Series in Economics)
Ch. 17 - Prob. 17.1.1RQCh. 17 - Prob. 17.1.2RQCh. 17 - Prob. 17.1.3RQCh. 17 - Prob. 17.1.4RQCh. 17 - Prob. 17.1.5PACh. 17 - Prob. 17.1.6PACh. 17 - Prob. 17.1.7PACh. 17 - Prob. 17.1.8PACh. 17 - Prob. 17.1.9PACh. 17 - Prob. 17.2.1RQ
Ch. 17 - Prob. 17.2.2RQCh. 17 - Prob. 17.2.3PACh. 17 - Prob. 17.2.4PACh. 17 - Prob. 17.2.5PACh. 17 - Prob. 17.2.6PACh. 17 - Prob. 17.2.7PACh. 17 - Prob. 17.2.8PACh. 17 - Prob. 17.3.1RQCh. 17 - Prob. 17.3.2RQCh. 17 - Prob. 17.3.3PACh. 17 - Prob. 17.3.4PACh. 17 - Prob. 17.3.5PACh. 17 - Prob. 17.3.6PACh. 17 - Prob. 17.3.7PACh. 17 - Prob. 17.3.8PACh. 17 - Prob. 17.4.1RQCh. 17 - Prob. 17.4.2RQCh. 17 - Prob. 17.4.3RQCh. 17 - Prob. 17.4.4RQCh. 17 - Prob. 17.4.5PACh. 17 - Prob. 17.4.6PACh. 17 - Prob. 17.4.7PACh. 17 - Prob. 17.4.8PACh. 17 - Prob. 17.4.9PACh. 17 - Prob. 17.4.10PACh. 17 - Prob. 17.4.11PACh. 17 - Prob. 17.4.12PACh. 17 - Prob. 17.4.13PACh. 17 - Prob. 17.4.14PACh. 17 - Prob. 17.4.15PACh. 17 - Prob. 17.4.16PACh. 17 - Prob. 17.4.17PACh. 17 - Prob. 17.4.18PACh. 17 - Prob. 17.4.19PACh. 17 - Prob. 17.4.20PACh. 17 - Prob. 17.4.21PACh. 17 - Prob. 17.5.1RQCh. 17 - Prob. 17.5.2RQCh. 17 - Prob. 17.5.3RQCh. 17 - Prob. 17.5.4PACh. 17 - Prob. 17.5.5PACh. 17 - Prob. 17.5.6PACh. 17 - Prob. 17.5.7PACh. 17 - Prob. 17.5.8PACh. 17 - Prob. 17.6.1RQCh. 17 - Prob. 17.6.2RQCh. 17 - Prob. 17.6.3RQCh. 17 - Prob. 17.6.4PACh. 17 - Many people have predicted, using a model like the...Ch. 17 - Prob. 17.6.6PACh. 17 - Prob. 17.6.7PACh. 17 - Prob. 17.6.8PA
Knowledge Booster
Similar questions
- Raphael is a hard-working college junior. One Saturday, he decides to work nonstop until he has answered 100 practice problems for his chemistry course. He starts work at 8:00 AM and uses a table to keep track of his progress throughout the day. He notices that as he gets tired, it takes him longer to solve each problem. Time Total Problems Answered 8:00 AM 0 9:00 AM 40 10:00 AM 70 11:00 AM 90 Noon 100 Use the table to answer the following questions. problems. The marginal, or additional, gain from Raphael's first hour of work, from 8:00 AM to 9:00 AM, is problems. The marginal gain from Raphael's third hour of work, from 10:00 AM to 11:00 AM, is Later, the teaching assistant in Raphael's chemistry course gives him some advice. "Based on past experience," the teaching assistant says, "working Garrow_forwardConsider the labor market defined by the supply and demand curves plotted on the following graph. Use the calculator to help you answer the following questions. You will not be graded on any changes you make to the calculator. WAGE (Dollars per hour) 20.0 17.5 Supply 15.0 12.5 10.0 7.5 5.0 25 Demand 0 125 250 375 500 625 750 LABOR (Thousands of workers) 875 1000 Graph Input Tool Market for Labor Wage (Dollars per hour) 2.50 Labor Demanded (Thousands of workers) 875 Labor Supplied (Thousands of workers) 125 Complete the following table with the quantity of labor supplied and demanded if the wage is set at $12.50. Then indicate whether this wage will result in a shortage or a surplus. Hint: Be sure to pay attention to the units used on the graph and in the table. For example, type in 100 for 100,000 workers. Labor Demanded Labor Supplied Wage (Thousands of workers) (Thousands of workers) Shortage or Surplus? $12.50 Suppose the federal government contemplates a new law that would create a…arrow_forward5. A decision at the margin Suppose that Riley is a diligent third-year college student. One Friday, she decides to start the day by working through 300 sample multiple choice problems to study for her informatics class. She starts work at 7:00 AM and uses a table to keep track of her progress throughout the day. She notices that as she the hours pass, it takes her more time to solve the problems. Time 7:00 AM 8:00 AM 9:00 AM 10:00 AM 11:00 AM Total Problems Solved 0 120 210 270 300 Use the table to answer the following questions. The marginal, or additional, gain from Riley's second hour spent working, from 8:00 AM to 9:00 AM, is The marginal gain from Riley's fourth hour spent working, from 10:00 AM to 11:00 AM, is problems. problems. The following week, Riley's informatics faculty advisor gives her some advice. In all their years of teaching they claim to observe that working on 45 multiple choice questions boosts a student's test score by about the same amount as spending an hour…arrow_forward
- How would you recommend a high school student develop soft skills as an investment in their human capital? Explain in a paragrapharrow_forwardAt a baseball game, why do baseball players make so much money while the hot dog vendor makes so much less? In your answer discuss the value of the marginal product of labor and the actions of profit maximizing firms.arrow_forwardUnderstanding how shirking decreases team output Yvette sells bottled water from a small stand by the beach. On the last day of summer vacation, many people are on the beach, and Yvette realizes that she can make a lot more money this day if she hires someone to walk up and down the beach selling water. She finds a college student named Sean and makes him the following offer: They'll each sell water all day and split their earnings (revenue minus the cost of water) equally at the end of the day. Yvette knows that if they both work hard, Sean will earn $100 on the beach and Yvette will earn $200 at her stand, so they will each take home half of their total revenue: $100+$2002=$150$100+$2002=$150. If Sean shirks, he'll generate only $60 in earnings. Yvette does not know that Sean estimates his personal cost (or disutility) of working hard as opposed to shirking at $25. Once out of Yvette's sight, Sean faces a dilemma: work hard (put in full effort) or shirk (put in low effort).…arrow_forward
- Total Total Total Average Average Average Product Fixed Variable Total Marginal Fixed Variable Total (Blankets) Cost Cost Cost Cost Cost Cost cost A B 1 70 25 95 70.0 25.0 95.0 F 70 40 110 35.0 D E 15.0 3 70 50 120 23.3 16.7 40.0 10.0 70 55 125 17.5 13.8 31.3 C 70 55 125 14.0 I J 0.0 70 70 140 11.7 11.7 23.3 15.0 70 G 170 14.3 24.3 30.0 70 145 215 8.8 18.1 26.9 45.0 The table describes the short-run daily costs of the Baby Blanket Company. What is the numerical value of A? What is the numerical value of B? ス 456 78 2.arrow_forwardSuppose that you observe that the wages for accountants in your town have gone up and that thenumber of accountants employed has also gone up. Which one of the following conditions couldexplain this?Illustrate your answer with a graph and explain in a brief paragraph.a. Businesses are failing, reducing the need for accountants.b. Many accountants are leaving the field in order to train to become financial analystsinstead.c. A rash of business scandals has increased the demand for auditing services performed byaccountants.d. The local university has just graduated an unusually large group of accountants.arrow_forwardGraph the demand for labor as a function of the wage using this data. What happens to the number of workers when wage goes up? How many workers will be hired and how many cookies made at a wage of 40.50? Please give me the equations so I can understand how to create this graph.arrow_forward
- 4. A decision at the margin. Juanita is a hard-working college sophomore. One Thursday, she decides to work nonstop until she has answered 50 practice problems for her math course. She starts work at 8:00 AM and uses a table to keep track of her progress throughout the day. She notices that as she gets tired, it takes her longer to solve each problem. Time 8:00 AM 9:00 AM 10:00 AM 11:00 AM Noon. Total Problems Answered 0 20 35 45 50arrow_forward5. In Chapter 9 of your text, complete Exercise #3 found on page 321. Suppose that you observe that the wages for accountants in your town have gone up and that the number of accountants employed has also gone up. Which one of the following conditions could explain this? Illustrate your answer with a graph and explain in a brief paragraph. a) Businesses are failing, reducing the need for accountants. b) Many accountants are leaving the field in order to train to become financial analysts instead. c) A rash of business scandals has increased the demand for auditing services performed by accountants. d) The local university has just graduated an unusually large group of accountants.arrow_forwardfast please 37.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Economics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
Principles of MicroeconomicsEconomicsISBN:9781305156050Author:N. Gregory MankiwPublisher:Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning
Principles of Microeconomics
Economics
ISBN:9781305156050
Author:N. Gregory Mankiw
Publisher:Cengage Learning