MACROECONOMICS
MACROECONOMICS
14th Edition
ISBN: 9781337794985
Author: Baumol
Publisher: CENGAGE L
Question
Book Icon
Chapter 1, Problem 1DQ
To determine

(a)

To discuss: a model based on how financial aids are made in the college.

Expert Solution
Check Mark

Explanation of Solution

The model should consider the qualification, skills, and experience while making choices to include or exclude. It should follow a specified hierarchy so that the quality of work is checked properly and the model works smoothly.

Making out a model based on the decision of how the financial aids are to be made should have a simplified hierarchy, taking trustees and chairpersons for considering financial administration decisions for working at an operational level.

The financial administration should involve principle, vice-principle, or other educational experts of college as the expenditure is to be incurred on educational activities so these can be very helpful while deciding how the financial aid should be made.

The chairperson should look at each and every expenditure made and ensure transparency in the financial activities of the institution.

Economics Concept Introduction

An economic model is a theoretical, hypothetical simplified version of an economy that is based on certain login and quantitative techniques related to economic theories.

To determine

(b)

To discuss: a model based on the quality of the faculty in the college.

Expert Solution
Check Mark

Explanation of Solution

The model should consider the qualification, skills, and experience while making choices to include or exclude and it should follow a specified hierarchy so that the quality of work can be checked properly and the model works smoothly.

While making out a model based on the decision about the quality of faculty should have a simplified hierarchy taking principle as the administrative head and quality of faculty should be high as they are responsible for the pride of the institution.

Hiring teaching staff should be based on the following:

  • Strong teaching background.
  • Staff should be able to fit in with new technology and methods of teaching.
  • Good knowledge of concerned subjects.

The management body of college plays an important role in the hiring of staff, promotion, salary, and student council so that the grievances of students can be addressed and required actions can be made.

Both trust and management play an important role in the smooth working of the college.

Economics Concept Introduction

An economic model is a theoretical, hypothetical simplified version of an economy that is based on certain login and quantitative techniques related to economic theories.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!
Students have asked these similar questions
Consider the market for electricity. Suppose that a power plant dumps byproducts into a nearby river, creating a negative externality for those living downstream from the plant. Producing additional electricity imposes a constant per-unit external cost of $490. The following graph shows the demand (private value) curve and the supply (private cost) curve for electricity. Use the purple points (diamond symbol) to plot the social cost curve when the external cost is $490 per unit. PRICE (Dollars per unit of electricity) 1400 1260 1120 980 840 700 560 420 280 140 ° D 1 2 3 D Supply (Private Cost) Demand (Private Value) 5 6 7 QUANTITY (Units of electricity) Social Cost The market equilibrium quantity is units of electricity, but the socially optimal quantity of electricity production is units. To create an incentive for the firm to produce the socially optimal quantity of electricity, the government could impose a unit of electricity. per
How do mining of raw materials for a tech industry affects the human rights in the world
Assume the Federal Interstate Commission began the fiscal year with the following account balances: FEDERAL INTERSTATE COMMISSION Trial BalanceOctober 1, 2020 Debits Credits Fund Balance with Treasury$810,000 Supplies 107,000 Equipment 1, 370,000 Accumulated Depreciation $484,000 Accounts Payable 130,000 Wages Payable 85,000Cumulative Results of Operations 1,588,000 $2,287,000 $2,287,000 Congress passed a spending bill providing $17,200, 000 to fund the agency's operations for the year. During the first quarter the commission processed the following items for payment (all items were paid by Treasury in the first quarter). Accounts payable$130,000 Wages payable 85,000 Salaries and benefits 507,000 Supplies 524,000 Contracted services 2,200,000 Grants 1,020,000 Equipment 620,000 Total$5,086,000 Unpaid wages at the end of the quarter totaled $37,000. In addition to the items paid in item 2, the commission received supplies of $24,000 and contracted services of $82,000 that are to be…
Knowledge Booster
Background pattern image
Similar questions
SEE MORE QUESTIONS
Recommended textbooks for you
Text book image
MACROECONOMICS
Economics
ISBN:9781337794985
Author:Baumol
Publisher:CENGAGE L
Text book image
Microeconomics: Principles & Policy
Economics
ISBN:9781337794992
Author:William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:Cengage Learning
Text book image
Economics Today and Tomorrow, Student Edition
Economics
ISBN:9780078747663
Author:McGraw-Hill
Publisher:Glencoe/McGraw-Hill School Pub Co
Text book image
Managerial Economics: A Problem Solving Approach
Economics
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Cengage Learning
Text book image
Microeconomics A Contemporary Intro
Economics
ISBN:9781285635101
Author:MCEACHERN
Publisher:Cengage
Text book image
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning