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Beliefs and payout structure

Question 1 a)
Assume that we are in an economy with two-workers and one firm. One worker is of average ability, with Marginal Product = 10 and cost of education function C(S)= 3S. The other worker is high-ability with Marginal Product = 15 and C(S) = S/2 . After high school, both workers must choose how much education to pursue, anywhere between 0 to a maximum of 6 years (S = {0,1,2,3,4,5,6}). The firm has the following perceptions of worker ability, with the associated pay structure:
If S < 4 then MP = 10 & w = 10
If S ≥ 4 then MP = 15 & w = 15
That is, if the employer sees less than 4 years of education they assume they are looking at someone of average ability and will pay them a wage equal to the average- ability marginal product. If they see 4 or more years of education, they assume they are looking at someone of high ability and will pay them a wage of $ 15. Given these beliefs and payout structure, how many years of education will each ability-type pursue and what will their pay be?
Question 1 b)
To increase the number of years people of average ability spend in post-secondary education, the federal government proposes reducing their cost of schooling by 1/3. This transforms the average ability cost of education function into C(S) = S. Is it now optimal for those of average ability to pursue 4-years of education?
Question 2 c)
In an effort to bring in more educated workers, the firm updates its belief and payout structures in the following fashion:
If S < 2 then MP = 10 & w = 10
If S ≥ 2 & S < 5 then MP = 15 & w = 15
If S ≥ 5 then w = 20
That is, if the firm sees at least 5 years of education, they will choose to pay w = 20 regardless of the workers Marginal Product. Given this belief structure, and assuming that the cost functions of education take on the same form that they had in part a), how many years of education will those of average ability and high ability pursue and what will be their respective wage rates.
Question 1 d)
To reduce the cost burden of education, the government divides each persons cost function in half. For those of average ability, their cost function now looks like C(S) = 3 2S, and for those of high ability it is now C(S) = S/4 . On top of this, the firm also retains the same belief structure as in part c),
If S < 2 then MP = 10 & w = 10
If S ≥ 2 & S < 5 then MP = 15 & w = 15
If S ≥ 5 then w = 20
Given this, how many years of education will both types pursue and what will be their respective payouts?

Sample Solution

achievement are significant in a particular confirmation process (Lewis and Lewis 2000). Science and nursing course grades have been shown areas of strength for as indicators of effective program fruition (Campbell and Dickson, 1996), however understudies have previously been acknowledged into a program by then. Lewis and Lewis (2000) found effective understudies regularly had taken at least two life structures and physiology courses preceding nursing program confirmation. This study will plan to decide the indicators of understudy progress in nursing programs that will help nursing program determination boards in deciding confirmation models that most precisely gauges the potential for effective finishing. Issue Statement The number of inhabitants in medical caretakers in America is maturing likewise, including the workforce answerable for the schooling of future attendants, subsequently universities and colleges are encountering hardships in viewing as able, credentialed staff. As the nursing lack is distributed in the news media and discussed among everyone, a rising number of people are trying to enter the field as late secondary school graduates or as grown-ups getting back to school briefly vocation. Enlistment in nursing programs expanded consistently from 2001 ' 2006 as per the American Association of Colleges of Nursing (AACN). Nonetheless, induction into most schools stays restricted because of the personnel understudy proportions expected by state sheets and public overseeing associations, and because of the numerous unfilled workforce positions the country over (Ramsburg, 2007). Information gathered in 2006 by AACN shows that more that 32,000 program candidates who were scholastically qualified may have been gotten some distance from nursing programs. Likewise, numerous understudies who are acknowledged into nursing programs don't finish the program because of individual issues or bombing grades. Due to the rising medical services needs, the lack of experts, and the monetary environment, the weight falls on nursing projects to keep a cautious harmony between acknowledged understudies and effective alumni. Nursing programs are currently tested by confirmations choices that will yield the most noteworthy maintenance and graduation rates. Pass rates on the public licensure test, NCLEX, are additionally significant in deciding the outcome of understudies the most ideal for the nursing calling. Standards for dependability and graduation rates in Missouri are lower than the public benchmark since understudy determination advisory groups can't precisely distinguish indicator factors that satisfactorily measure the likelihood of outcome in different passage level nursing programs (Penprase, 2013). Reason and Significance The motivation behind the present unmistakable correlational review is distinguishing indicator factors that will help determination panels of nursing projects to decide models of confirmations which most precisely measure the potential for effective finish inside the endorsed curricular time period. Screening and specific confirmations processes for nursing programs are important to choose the top, probably going to succeed understudies to utilize the restricted employees and affirmation spaces. Graduates should be mindful, skilled, and equipped for giving quality medical services; and, they should be instructively ready to pass public ability certificate and licensure tests. Cautious consideration should be paid to the choice of the measures that will be utilized in screening candidates. Albeit many methodologies and mixes of rules have been utilized before, it is more vital than any other time to screen candidates with instruments that best foresee the graduation of understudies, as well as their prosperity on confirmation and licensure tests. Accordingly, this exploration will be valuable for helping nursing program choice councils in deciding affirmation rules that most precisely gauges the potential for effective finish. Research Questions ' Is there a feasible and quantifiable arrangement of indicator factors that can foresee the outcome of understudies in nursing programs? ' Is there a quantifiable connection between's confirmation rules of a nursing projects and graduation rates? ' Is there one confirmation rules that actions program achievement more successfully than some other? ' According to the understudy is the nursing
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