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A lump-sum loan of $15,000 is needed by Chandra to pay for college expenses. She has obtained small consumer loans with 10% interest per year in the past to help pay for college. But her father has advised her to apply for a PLUS student loan charging only 7% interest per year. If the loan will be repaid in full in 5 years, what is the difference in total interest accumulated by these two types of student loans?
If a price of corn is $3.00 a bushel, 5,000 bushels would be demanded. If the price rises to $4.00 a bushel, 4,000 bushels would be demanded a. What is the (arc) price elasticity of demand? b. Based on this answer, if the price of corn rose to $5.00 a bushel, what would be the demand for corn? c. If the price of corn decreased from $4.00 to $3.00 a bushel, what would be the change in total revenue for sellers of corn? d. If the price of corn increased from $4.00 to $5.00 a bushel, what would be the change in total revenue for sellers of corn?
Hospital ventilators to help patients breathe are in high demand as a result of the Corona Virus pandemic. In economic terms are ventilators an elastic or inelastic good How does that effect demand Does price matter when it comes to something life saving like an oxygen ventilator Why or why not?
Imagine that you have survey data from teenagers who have been convicted of crime and are members of a neighborhood gang. The survey includes questions about (1) hours per seek spend in gang activity, H, (2) weekly earnings from gang activity, E. Based on economic theory, you suspect that earnings increase with hours of activity which leads you to estimate the following equation: E=α+βH+θX+ν Where = E = earnings from crime, H = hours of gang activity, X = a full set of other variables so that you do not have to worry about omitted variable bias, ν = error term. Because observations of E and H come from the same survey and the measurement error in E is likely positively correlated with the measurement error in H, show formally what problem of bias this is likely to create in ordinary least squares estimates of β? The relation you expect between estimates and truth is β* β? 1b. Let’s say that you had an unbiased estimate of β, how could you interpret this estimated coefficient?
Assume in country A the rate of return to capital is 4% and the real growth rate of the economy is 3%. Assume in country B the rate of return to capital is 5% and the real growth rate of the economy is 6%. According to Piketty, which country is more likely to have persistent inequality in wealth? Explain.
According to Autor, Katz, and Kearney, do you think economists will be harmed by or benefit from future skill biased technology change? Explain.
Describe three reasons why earnings income inequality has risen for men since the 1970’s.
Basing your answer on the work of Kopczuk, Saez, and Song, how has the earnings inequality of men change since World War II (note that the different trends in different time periods)? Since the 1970’s how did the trends in earnings inequality differ for men in the top half of the distribution and the bottom half of the distribution?
Assume country A has a Gini coefficient of 0.4 and a Shorrocks measure of mobility of .8. Country B has a Gini coefficient of 0.3 and a Shorrocks measure of mobility of .4. Which country has a more serious problem with income inequality? Justify your answer.
Explain why James Heckman would argue that it would be preferable to institute a universal preschool program than a program reducing college tuition. Your answer should include evidence regarding the rate of return from both investments and discussion of credit constraints for higher education.
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