Economic Concepts a) Education Production: What education production function representing each of the following  educational outputs

Economic Concepts
a) Education Production: What education production function representing each of the following 
educational outputs. Each production should be written in the form ?= ?(?1,?2,?3,...), where the X's 
represent 3-4 inputs that ultimately translate into the specified output; the inputs you choose should be 
supported by topics we covered in class.
? Output: 8th grade test scores
? Output: Socioemotional skills as an adult
? Output: Attending college as a low-SES student
b) Incentives and Unintended Consequences: For each of the policies, describe 1) the intended behavior 
that the policy is supposed to incentivize, and 2) one potential unintended consequence.
? Policy: students are paid for high test scores
? Policy: a school district switches to a school voucher program
? Policy: the federal government approves a no-strings-attached grant of $2,000 for all prospective 
students looking to attend college.
? Policy: a state imposes an aggressive school finance equalization policy that requires re-distribution 
of school funds so that all school districts have exactly the same amount available to them.
c) Human capital vs. Sorting: For each of the following examples, explain whether the human capital 
model, the signalling model, or both models apply.
? Employers often list a 4-year college degree as a requirement for those applying for certain jobs.
? Teacher quality increases student lifetime earnings.
? All courses at a given university are open to the public to attend, but there is still an earnings 
premium for graduating from that university.

d) Behavioral Economics and Information Asymmetry: For each of the following scenarios, explain the traditional economic prediction and why the behavior described is not consistent with those predictions.
? You really want to learn how to play the guitar, but you have been procrastinating for months.
? Choosing a school to attend based on the school's average test scores instead of value-add
? Applying for financial aid only after repeated text messages remind you to do so
? Only applying to the same colleges that your friends do