In a competitive economy, firms pay a real wage (W/P) equal to the marginal product of labor (MPL) and a real rental rate (R/P) equal to the marginal product of capital (MPK). Note that the total income of labor is equal to the product of the real wage and the total quantity of labor employed. Likewise, the total income of capital is equal to the product of the real rental rate and the total quantity of capital employed. Use this information to answer the following questions. a. The marginal product of labor (MPL) can be expressed as and the marginal product of capital (MPK) can be expressed as .

Suppose that a monopolistically competitive restaurant is currently serving 260 meals per day (the output where mr

Using a cps-sample of 7,440 individuals, you estimate the following regression: = 20.91 - 2.61 x female where female is a binary variable that takes on the value of 1 for females and is 0 otherwise. the standard error on the coefficient on female is 0.25. the 95% confidence interval for the gender wage gap, or the amount that females earn less, is: a) [-3.10, -2.12] b) [18.30, 23.52] c) [-3.02, -2.20] d) [-1.96, -1.64]

Alarge university wanted to study the relationship between completing an internship during college and students' future earning potential. prom the same graduating class, they selected a random sample of 80 students who completed an internship and 100 students who did not complete an internship and examined their salaries five years after graduation. they found that there was a statistically higher mean salary for the internship group than for the noninternship group. which of the following interpretations is the most appropriate? a. there could be a confounding variable, such as student major, that explains the difference in mean salary between the internship and no internship groups.b. we cannot infer anything from these data since the distribution of salaries is likely right skewed.c. you cannot draw any valid conclusions because the sample sizes are different.d. more students should complete internships because having an internship produces a higher salary.