Teachers can work up to 180 days in a school year, and they earn the wage w for each day that they work. Assume that sick leave is at the discretion of each individual teacher. In other words, the school does not ask for proof of illness, so teachers can take leave even when they are not sick, and teachers are free to take as much leave as they want. Also assume that teachers have no nonlabor income (i.e., Y=0). In terms of notation,
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- Q-3 Are the following statement true of false ? You need to provide an aurgument for and against it why it is so.Suppose workers can be divided into two groups: high and low skill workers. Let y be the number of years of college education of a worker. For workers in Group A (high skill workers) the cost of attaining an educational level y is CA(Y)=$25y; for workers in Group B (low skill workers) the cost of attaining an educational level y is CB(y)=$65y. Employees will be offered $350 if they have y ≥ y*, where y* is an educational threshold determined by the employer. They will be offered $50 if they have y y* zThe northern community of Assiniboine Narrows has a population of 12,000. It has one medical clinic with three doctors, each working 40 hours per week. Each doctor sees four patients per hour. The clinic would like to hire one or two more doctors. The mortality rate in the community is 11 per 1,000 population. This rate will fall to 9.5 per thousand if one doctor is added and to 9 per thousand if two doctors are added. Each new doctor will cost the system $250,000 per year. An alternative plan is to bring in two home care nurses. Each home care nurse will see two patients per hour. The addition of the first nurse will reduce the mortality rate by 0.8 per thousand, and the addition of a second nurse will reduce the mortality rate by 0.6 per thousand. Each home care nurse will cost the system $100,000 per year. Use calculations to examine the alternatives available to Assiniboine Narrows. Then, based on your calculations, make a recommendation as to the preferred course of action. Ensure…
- at point b) - The formula written down when MC is equated with MR is d(P x Q) / dQ. Then in the next step, dQ is cut down and only P is left. Shouldn't dP be left here?(Harder) Can you come up with gross profit levels I and II such that for the unobservable effort case the principal will implement e=1 (that is will offer the optimal wage schedule for e=1) if there is no limited liability, but will implement e=0 when there is limited liability. For the values of gross profit levels you calculate, which effort level is socially optimal (which effort level would be implemented when effort is observable). Based on your answer, is it possible to have lower social surplus/welfare because of asymmetric information?City Home Care (CHC) hires a furnished office at $4000 per month, telephones at $400 a month, and a secretary at $4000 per month. These resources do not change, no matter how many clients are visited. Currently, CHC sees 900 patients a month, each three times (2700 visits in total). CHC uses 30 full-time nurses with their own cars, and they are paid $8000 per month each. There is a plentiful supply of additional nurses in town. These nurses can be hired almost on notice. Supplies are $40 per patient per month. What are the monthly money costs of operating CHC at its current level? Approximately how much would it cost to operate CHC at a level of 3150 visits per month assuming patients continued to be seen three times each month, and nurses were working at full capacity at the original level of patient visits?
- Answer it correctly with proper explanation. Zero plagiarised answer please.what does non-stationarity mean ?You have been hired as a business analyst for Seko, an information technology company. The manager of Seko estimates that the annual profit of the company, in millions of dollars, is given by P(x)=2 ln(2x+1)+2x-²-0.3 where z is the number of IT consultants (in hundreds) in its employ. 2 Instructions Your responsibilities under this company are: 1. To find the number of consultants the firm should hire so that its profit is maximized. 2. To find the maximum profit.