Please help with #3Thats all the info. For ittbanj You 1. Assume that human capital skills from education decay over time because the knowledge gainedby young students becomes obsolete as technology becomes increasingly complex over theyears. What happens to a worker's optimal amount of schooling if this depreciation or rate ofdecay increases? (Hint: remember the marginal benefit = marginal cost decision rule)2. Assume that college graduates earn 50% more than high school graduates. It is typically thoughtthat without accounting for ability levels, this 50% increase from going to college rather thanworking straight out of high school would be a biased measurement, as more able people aremore likely to earn college degrees. If this is true, would we expect the true underlying effect tobe higher than, or lower than 50%? (Hint: figure out the direction of this bias)3. Suppose there are two types of workers: high and low ability, E and E₁. Imagine that a diplomacosts $20,000 for low ability workers, but only $8,000 for high ability workers due to scholarshipavailability. If a firm wishes to pay $25,000 to workers without a diploma and $K to workers witha diploma, how much does $K need to be for a diploma to work as an effective signal? (Hint:need both that Eμ chooses college and E₁ does not)4. Imagine that a restaurant hires only women to work front-of-house (serving, hosting,bartending) and only men to work back-of-house (cooking, cleaning dishes), is this most likely aresult of employer (restaurant owner), employee (coworkers), customer (diners), or statisticaldiscrimination? Give a brief justification.

Production costs allude to the costs a company causes from manufacturing an item or offering a…

1. Assume that human capital skills from education decay over time because the knowledge gained by young students becomes obsolete as technology becomes increasingly complex over the years. What happens to a worker's optimal amount of schooling if this depreciation or rate of decay increases? (Hint: remember the marginal benefit = marginal cost decision rule) 2. Assume that college graduates earn 50% more than high school graduates. It is typically thought that without accounting for ability levels, this 50% increase from going to college rather than working straight out of high school would be a biased measurement, as more able people are more likely to earn college degrees. If this is true, would we expect the true underlying effect to

1. Assume that human capital skills from education decay over time because the knowledge gained by young students becomes obsolete as technology becomes increasingly complex over the years. What happens to a worker's optimal amount of schooling if this depreciation or rate of decay increases? (Hint: remember the marginal benefit = marginal cost decision rule) 2. Assume that college graduates earn 50% more than high school graduates. It is typically thought that without accounting for ability levels, this 50% increase from going to college rather than working straight out of high school would be a biased measurement, as more able people are more likely to earn college degrees. If this is true, would we expect the true underlying effect to

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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What is the decision rule? when is it used?