2. Suppose that back in 1870 the average household wealth in a U.S. state was20 + w under coverture, where w is the average wage rate a married womanearned for market work in that state. Under the wife's "self-ownership," sup-pose that the total household wealth was 10 + 4w. Assume, as do Geddes andLeuck (2002), that under coverture the household was like a firm managedand owned by the husband, whereas under self-ownership it was like an equalpartnership between wife and husband.(a) Explain why the household wealth increased more rapidly through thewife's market wage under self-ownership than under coverture.(b) Comparing the average husband's wealth under coverture and the wife'sself-ownership, explain why he would have preferred coverture for lowvalues of his wife's wage but self-ownership for high values.(c) Draw a graph to identify the value of wives' wage rate beyond whichhusbands would have been willing to voluntarily abandon coverture inthe state.

The household wealth value is given as w is considered the average wage rate of married women earned…

Answered: 2. Suppose that back in 1870 the…

ENGR.ECONOMIC ANALYSIS

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Chapter1: Making Economics Decisions

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6. A worker with a marginal value product of can earn w, = k√e in self- employment. Marginal value products vary across the population according to the uniform distribution, i.e., 0~U[0, 2]. Firms cannot measure individual productivity, so all workers are paid a wage equal to the average of the marginal value products of those employed. & (a Find the condition for k under which every worker will choose self- employment. Also, find the condition for k under which all the workers will choose to be employed. Assume that k = 1. And, each worker can take a free test which can only te whether his marginal value product is in [0,1] or in [1,2]. Who will take the test and who will not? Also, who will be'self-employed and who will be employed? (c) Assume that k = 1. And, each worker can take a test at the expense of c which can reveal his marginal value product exactly. Who will take the test and who will not? Also, find the condition for c under which there exist some workers who will choose…
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Match the contribution with the appropriate scholar. Who believed that framing the general equilibrium of the entire microeconomy is better treated one market at a time? v Choose... Modigliani Who is considered the father of Modern Portfolio Theory? Marshall Fisher Who demonstrated why people are either savers or dissavers? Keynes Who provided a general existence proof of a competitive equilibrium? Markowitz Ricardo Who developed the distinction between comparative and absolute advantage? Arrow Hotelling Who first developed a working model of options pricing? Bachelier Smith Who argued that competition in physical space can result in minimum differentiation? Choose... Who determined that, unlike the neoclassical microeconomic theory of equilibrium, we may be in a state of persistent Choose... disequilibrium in the macroeconomy? Who considered the regard by others as an important driver of human behavior? Choose... Who developed a complete Life Cycle Model of spending and saving…
d. Based on both the consumption-leisure optimality condition obtained in previous part (Based on both of the two first-order conditions, construct the consumption-leisure optimality condition) and on the budget constraint, qualitatively sketch two things in a diagram with the real wage on the vertical axis and labor on the horizontal axis. First, the general shape of the relationship between w and n (perfectly vertical, perfectly horizontal, upward-sloping, downward-sloping, or impossible to tell). Second, how changes. in / affect the relationship (shift it outward, shift it inward, or impossible to deter mine). Briefly describe the economics of how you obtained your conclusions.
Consider a two-sector economy that employs a total of 105 units of a single input, labor. Ny of these units are allocated to sector 1, where the wage is 90 for the top five workers in that sector and zero for all others. (Both the wage for the top workers and the number who receive that wage are invariant to changes in Ng) The remaining N2= 105 - Ngunits of labor serve in sector 2, where every worker receives a wage of 10. All workers in sector 1 have an equal probability of being among the top five workers, 6/Ng. and all workers are risk neutral. Instructions: Round your answers to the nearest whole number. a. How many workers will work in sector 1? N1 = b. What will be the value of GNP for the economy? GNP = c. How would your answers differ if there were a 50% tax on the earnings of workers in sector 1? Workers in sector 1: GNP:
Laura McBride, First Nations Director, and Curator for the Australian Museum stated that, "until historic inequities are addressed, the gap between Indigenous peoples and non-indigenous Australians will only continue to widen". Consequently, the inability of indigenous Australians to fully participate in decision-making and have unencumbered access to the economic and cultural wealth they hold, disproportionately exposes them to complex disadvantage. Critically discuss this viewpoint by answering the following questions: a) Assess and explain the current status of participation of indigenous Australians in the economy. To what extent has the Commonwealth (federal) government supported job creation, and encouraged the translation of First Nations people's knowledges, assets, interests and rights into tangible, economic benefits for their communities? b) The Commonwealth (federal) government has traditionally focused on creating training and employment pathways for First Nations people,…
Table: Security in a Residential Community Quantity ofSecurityGuards TotalCost Total IndividualBenefit toEach Resident 0 $0 $0 1 $150 $10 2 $30 $16 3 $450 $18 4 $600 $19 Reference: Ref 17-3 Table: Security in a Residential Community (Table: Security in a Residential Community) Use Table: Security in a Residential Community. Suppose that the residential community has 100 residents. The marginal cost of hiring the second security guard is _____, and the marginal social benefit is _____. Select one: a. $150; $600 b. $450; $1,800 c. $450; $600 d. $150; $200
Please explain to me what every different variable means in this question
QUESTION 21 Refer to the information provided in Figure 7.8 below to answer the question(s) that follow. Units of capital 80 60 A 0 E BD 60 80 120 Units of labor Figure 7.8 Refer to Figure 7.8. The slope of isocost CD is O greater than the slope of isocost AB. less than the slope of isocost AB. equal to the slope of isocost AB. indeterminate from this information, as the prices of capital and labor are not given.
Cowles Foundationfor Research in Economicsat Yale UniversityCowles Foundation Discussion Paper No. 2021ARE WE APPROACHING AN ECONOMIC SINGULARITY?INFORMATION TECHNOLOGY AND THE FUTUREOF ECONOMIC GROWTHWilliam D. NordhausSeptember 2015An author index to the working papers in theCowles Foundation Discussion Paper Series is located at:http://cowles.yale.edu/This paper can be downloaded without charge from theSocial Science Research Network Electronic Paper Collection:http://ssrn.com/abstract=2658259Electronic copy available at: http://ssrn.com/abstract=2658259Are We Approaching an Economic Singularity?Information Technology and the Future of Economic GrowthWilliam D. Nordhaus1September 1, 2015AbstractWhat are the prospects for long-run economic growth? The presentstudy looks at a recently launched hypothesis, which I label Singularity.The idea here is that rapid growth in computation and artificialintelligence will cross some boundary or Singularity after whicheconomic growth will…

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