answer quickly A Person has two options. Either to visit Collegeand complete his degree. or to work in a part timejob.The part time job will make him earn $30,000 perannum. calculate the opportunity cost of visitingcollege.

An opportunity cost is the indirect cost that is also considered as the income that is foregone due…

Answered: A Person has two options. Either to…

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter1: Introduction: What This Book Is About

Section: Chapter Questions

Problem 7MC

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Jeff can opt to join singing classes or work as a part time job in that one hour. The job would help him make $500 per month Calculate the opportunity cost of Jeff opting for singing classes
Arlene quits her $125,000-a-year job to take care of her ailing parents. What is the opportunity cost of her decision? A. the value she attributes to the satisfaction she receives from taking care of her parents B. zero, since she will no longer be earning a salary C. It depends on the "going rate" for home-care providers. D. at least $125,000
Brad Edwards is earning $36,000 a year in a city located in the Midwest. He is interviewing for a position in a city with a cost of living 18 percent higher than where he currently lives. What is the minimum salary Brad would need at his new job to maintain the same standard of living?
Shawn's boss pays him $5/hr more than what other people in similar jobs make and because of this he works a lot harder. What is this an example of? menu costing efficiency wages opportunity costing flexible wages
Why does the marginal product of labour fall as more workers are hired? Motivate your answer.
"Do Men and Women Earn the Same Amount?" Please give a reason behind your answer.
What would be the impact of rational self-interest on your decision whether to attend college fulltime or enter full-time work force?
Suppose you have a choice of working full-time during the summer or going full-time to summer school. Summer tuition and books are $2,200. If you worked, you could make $7,000. Your rent is $1,000 for the summer, regardless of your choice. What is the opportunity of your choice of going to summer school?
Q2. After you graduate, you have decided to accept a position working at the Bureau of Labor Statistics for $35,000.00 a year. The two other offers you received were working for WalMart for $28,000 and working for Ernst and Young consulting for $32,000. What is the opportunity cost of accepting the position at the Bureau of Labor Statistics?
Debbie is about to choose a career path. She has narrowed her options to two alternatives. She can become either a marine biologist or a concert pianist. Debbie lives two periods. In the first, she gets an education. In the second, she works in the labor market. If Debbie becomes a marine biologist, she will spend $15,000 on education in the first period and earn $472,000 in the second period. If she becomes a concert pianist, she will spend $40,000 on education in the first period and then earn $500,000 in the second period.a. Suppose Debbie can lend and borrow money at a 5 percent rate of interest between the two periods. Which career will she pursue? What if she can lend and borrow money at a 15 percent rate of interest? Will she choose a different option? Why?b. Suppose musical conservatories raise their tuition so that it now costs Debbie $60,000 to become a concert pianist. What career will Debbie pursue if the interest rate is 5 percent?
define commodity fetishism and its relation to labor. Then, pick a popular commodity and describe how it is fetishized today. If possible include a web link to an advertisement for this product.
State true or false with reason "self employed are different from hired workers "

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A Person has two options. Either to visit College and complete his degree. or to work in a part time job. The part time job will make him earn $30,000 per annum. calculate the opportunity cost of visiting college.