5.The human capital model of investment in an athlete's training incorporates both the costs andbenefits of different types of skills. Economists refer to this type of human capital investment as onthe job training (OJT) and they classify them as either general or specific.Define both types of human capital investments.Explain how the concept of general and specific OJT can be applied to professional sports.Provide examples of each in sports..Explain why the costs and benefits of OJT should be discounted to the present before a team/ player can make a rational decision.Illustrate the costs and benefits to the athlete & firm for general and specific human capitalinvestments. Illustrate each on a separate graph.

Answered: Image /qna-images/answer/367ed938-01f6-4b6b-8b3d-4f7487e11e42.jpg

Answered: 5. The human capital model of…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Occupational Health and Safety Legislation authorizes a) Governments to establish and enforce occupational health and safety standards. b) Unions to establish and enforce occupational health and safety standards. c) Employers to establish and enforce occupational health and safety standards. O d) Individual committees to establish and enforce occupational health and safety standards.
1.Education is commonly regarded as increasing one’s human capital. The term, human capital, is best defined as Any machinery owned by individuals A worker’s knowledge and skills. The money an individual pays to acquire skills. Capital equipment used for to train workers.
Use a labor supply and labor demand graph to show why salaries in the NBA went down during the Great Recession. Explain why the curves moved the way they did.
1. Suppose that currently the government provides everyone with a guaranteed income of $10,000 per year, but this benefit level is reduced by $1 for each $1 of work income. The government is considering changing this policy so that the benefit level is reduced by $1 for every $2 of work income. What effect would this policy have on work effort? Explain your answer and include a graph depicting the two scenarios.
2. Which one of the following is not an example of efficiency wages? Group of answer choices a) Firms willingly pay high wages to attract higher-quality job applicants. b) Firms willingly pay high wages to increase worker effort, reducing “shirking”. c) Firms willingly pay high wages to reduce turnover, which is costly to firms. d) Firms willingly pay high wages because of the law of mini wage.
The figure compares the compensation that a shoe salesperson receives if she is on a straight salary of $40 per day or if she receives a commission of $5 for each pair of shoes sold. 100- Commission 90- Which compensation structure is preferred by the salesperson? 80- Suppose the salesperson sells more than 8 pairs of shoes per day and only cares about compensation. 70 60- For the salesperson, the is preferred. 50- Salary 40- 30- 20- 10 10 12 14 Pairs of shoes per day 16 18 20 Compensation received per day
No written by hand solution 2. Fringe benefits: a. As you might have suspected, employee nonwage (fringe) benefits make up a much larger percentage of labor costs in the United States today than they did a few generations ago (refer to Table 3.1 in the textbook). Fringe benefits as a form of labor compensation is also very unique to the U.S. and other developed nations. Do you think that the growing fringe benefit share of labor costs has made the level of employment more responsive or less responsive to changes in labor demand over the ups and downs in the overall economy? In other words, has it given the employers of labor more or less flexibility as they try to adapt to continuously changing economic conditions?
4. After graduating from high school, Individual K decided to enroll in a four-year university program rather than accept a job which offers $13,000 a year.If the annual tuition fee is $5,600, what is Individual K's annual opportunity cost for attending university? $6,400 $11,200 $18,600 $26,000
i need urgent..plzzzz hnad written plzzz
8
5. Provide answers for the each of the following independent questions. a. Suppose Auto Fitters sells auto parts and car accessories from coast to coast. Last year's report suggested that a good salesperson can sell $1,000,000 a year worth of goods, while a poor one can sell only $100,000. Job applicants know if they are good or bad salespeople, but the hiring manager does not. The firm will offer job applicants a choice of a fixed salary of $25,000 or a commission of 20%. Assuming risk-neutral salespersons and the possibility of opportunistic behaviour, will this choice of contracts allow the firm to distinguish between good salespeople and bad ones before the hiring decision is made? b. Suppose Janet has the following demands for regular medical visits: Q = 12 – 0.2P when she is healthy, and Q = 40 – 0.4P when she is sick. Under the current insurance plan, Janet pays an average of $60 per visit, and she is sick 50% of the time. Janet considers an alternative insurance plan so she can…

Recommended textbooks for you

ENGR.ECONOMIC ANALYSIS

Economics

ISBN:

9780190931919

Author:

NEWNAN

Publisher:

Oxford University Press

Principles of Economics (12th Edition)

Economics

ISBN:

9780134078779

Author:

Karl E. Case, Ray C. Fair, Sharon E. Oster

Publisher:

PEARSON

Engineering Economy (17th Edition)

Economics

ISBN:

9780134870069

Author:

William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

Publisher:

PEARSON

ENGR.ECONOMIC ANALYSIS

Economics

ISBN:

9780190931919

Author:

NEWNAN

Publisher:

Oxford University Press

Principles of Economics (12th Edition)

Economics

ISBN:

9780134078779

Author:

Karl E. Case, Ray C. Fair, Sharon E. Oster

Publisher:

PEARSON

Engineering Economy (17th Edition)

Economics

ISBN:

9780134870069

Author:

William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

Publisher:

PEARSON

Principles of Economics (MindTap Course List)

Economics

ISBN:

9781305585126

Author:

N. Gregory Mankiw

Publisher:

Cengage Learning

Managerial Economics: A Problem Solving Approach

Economics

ISBN:

9781337106665

Author:

Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:

Cengage Learning

Managerial Economics & Business Strategy (Mcgraw-…

Economics

ISBN:

9781259290619

Author:

Michael Baye, Jeff Prince

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS