Aaron has an option to choose from four forms of employment: full-time, part-time, contractor orself-employed. The opportunity cost of working hours for Aaron is $10/hour. Aaron receives travelallowances depending on his employment choice, which reduces his travel cost accordingly.Forms ofemploymentFull-timeWorking hours(hours/day)8 hoursTravel cost($/day)$5$10$10$35Part-time6 hoursContractor5 hoursSelf-employed4 hoursUsing the Multipoint curve drawing tool, draw the total cost curve and label it.Carefully follow the instructions above and only draw the required object.Total cost ($ per day)100-95-90-65-60-55-50-Full-time Part-time ContractorForms of employmentSelf-employed

In this case, we have to find out the total cost curve for four forms of employment choices i.e.…

Aaron has an option to choose from four forms of employment: full-time, part-time, contractor or self-employed. The opportunity cost of working hours for Aaron is $10/hour. Aaron receives travel allowances depending on his employment choice, which reduces his travel cost accordingly. Forms of employment Full-time Working hours (hours/day) 8 hours 6 hours 5 hours 4 hours Travel cost ($/day) $5 $10 $10 $35 Part-time Contractor Self-employed Using the Multipoint curve drawing tool, draw the total cost curve and label it. Carefully follow the instructions above and only draw the required object. Total cost ($ per day) 100- 95 90- 85- 65- 60- 55 50 Full-time Part-time Contractor Forms of employment G Self-employed

Aaron has an option to choose from four forms of employment: full-time, part-time, contractor or self-employed. The opportunity cost of working hours for Aaron is $10/hour. Aaron receives travel allowances depending on his employment choice, which reduces his travel cost accordingly. Forms of employment Full-time Working hours (hours/day) 8 hours 6 hours 5 hours 4 hours Travel cost ($/day) $5 $10 $10 $35 Part-time Contractor Self-employed Using the Multipoint curve drawing tool, draw the total cost curve and label it. Carefully follow the instructions above and only draw the required object. Total cost ($ per day) 100- 95 90- 85- 65- 60- 55 50 Full-time Part-time Contractor Forms of employment G Self-employed

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

Chapter20: The Problem Of Adverse Selection Moral Hazard

Section: Chapter Questions

Problem 3MC

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Q) Larry was accepted at three different universities and must choose one. Elite U costs $50,000 per year and did not offer him any financial aid. He values attending Elite U at 60,000 per year. State College costs $30,000 per year, and offered Larry an annual $10,000 scholarship. Larry values attending State College at $40,000 per year. NoName U costs $20,000 per year, and offered him a full $20,000 annual scholarship. He values attending NoName at $15,000 per year. What is Larry's opportunity cost of attending Elite U? a. $15,000 b. $20,000 C. $50,000 d. $70,000 Explain it early
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