Celine Dion of Montreal can prepare her own tax return in 12 hours or hire Justin Trudeau, who is a a tax specialist, to prepare it for Celine Dion in 3 hours. The value of Celine Dion's time is $25.00 an hour, Justin Trudeau will charge Celine Dion $60 an hour. The opportunity cost to Celine Dion of preparing her your own tax return is Multiple Cholce $180. $300. $300. $60. $480.

Celine Dion of Montreal can prepare her own tax return in 12 hours or hire Justin Trudeau, who is a a tax specialist, to prepare it for Celine Dion in 3 hours. The value of Celine Dion's time is $25.00 an hour, Justin Trudeau will charge Celine Dion $60 an hour. The opportunity cost to Celine Dion of preparing her your own tax return is Multiple Cholce $180. $300. $300. $60. $480.

Microeconomics: Principles & Policy

14th Edition

ISBN:9781337794992

Author:William J. Baumol, Alan S. Blinder, John L. Solow

Publisher:William J. Baumol, Alan S. Blinder, John L. Solow

Chapter19: Labor And Entrepreneurship: The Human Inputs

Section: Chapter Questions

Problem 14DQ

See similar textbooks

Similar questions

Give the three reasons that explain why the division of labor increases an economys level of production.
What is productive efficiency? Allocative efficiency?
In 2012, an estimated 7.8 million Mexican-born immigrants were employed in the United States. a. If 60 percent of the Mexican-born immigrants remitted money to family members in Mexico in 2012, and if they each sent $100 per month, how much money did they remit in total? b. If, instead, 100 percent of the Mexican-born immigrants remitted money to family members in Mexico in 2012, and if they each sent $250 per month, how much money did they remit in total? c. The actual amount remitted to Mexico in 2012 by Mexicanborn immigrants living in the United States was about $23 billion. If we assume that 75 percent of the Mexicanborn immigrants remitted money to Mexico that year and if we further assume that each of those immigrants remitted an equal amount each month, how much per month did each of those immigrants have to remit to total $23 billion for the year?
a. In your backyard at your home you have established a small workshop where you repair theequipment of your home that have gone out of order. Will this act of repairing your own householdequipment count as production? Explain. b. If a fisherman catches fish from river then which factor of production is he using for hisproduction? Explain this factor in detail.
Madison has a full-time job, but she is considering going back to school for a master’s degree.Describe how Madison might decide whether ornot to continue her education.
Carefully explain how the following hypothetical situations would affect the cost.benefit calculation of going to co!lege: a. It is increasingly the case that full-time undergraduate students need 5 years toor's degree.complete all of the requirements for a bacheleb. The real earnings of college-trained workers increase while those for highschool-trained workers decrease.
Sara Lee just graduated from college with a degree in accounting. She hadfive job offers: Bean Counters CPA, $35,000; Assets R Us, $27,000; TheDebit Store, $30,000; J & J’s CPAs, $33,000; and The Double Entry Shop,$40,000. What was her opportunity cost if she accepted the job with TheDouble Entry Shop?
Nimbus, Inc., makes brooms and then sells themdoor-to-door. Here is the relationship between thenumber of workers and Nimbus’s output during agiven day:Workers OutputMarginalProductTotalCostAverageTotalCostMarginalCost0 0 ____ ________ ____1 20 ____ ________ ____2 50 ____ ________ ____3 90 ____ ________ ____4 120 ____ ________ ____5 140 ____ ________ ____6 150 ____ ________ ____7 155 ____ ____a. Fill in the column of marginal products. Whatpattern do you see? How might you explain it?b. A worker costs $100 a day, and the firm has fixedcosts of $200. Use this information to fill in thecolumn for total cost.c. Fill in the column for average total cost. (Recallthat ATC T 5 C Q/ .) What pattern do you see?d. Now fill in the column for marginal cost.(Recall that MC TC 5 D ∆ / Q.) What patterndo you see?e. Compare the column for marginal productwith the column for marginal cost. Explain therelationship.f. Compare the column for average total costwith the column for marginal cost. Explain…
College students sometimes work as summer interns forprivate firms or the government. Many of these positions pay little or nothing. a. What is the opportunity cost of taking such a job? b. Explain why students are willing to take these jobs. c. If you were to compare the earning later inlife of workers who had worked as interns and those who had taken summer jobs that paid more, what would you expect to find?
The table below shows Tim's and Al's willingnesses-to-pay (marginal benefit) for each firefighter hired by their community. For example, Tim would pay $200 for 1 firefighter, and an additional $160 for a 2nd firefighter. Number ofFirefighters Tim'sWillingness to Pay Al'sWillingness to Pay 1 $200 $120 2 160 40 3 100 20 The (marginal) cost of hiring each firefighter is $120. If Tim and Al are the only two people in the society, what is the socially efficient number of firefighters?Hint: What is the total societal willingness-to-pay (marginal benefit) for each firefighter? Question 6Answer a. 1 b. 2 c. 3 d. None of the answers are correct e. Cannot be determined from the given information
A. Explain what the Gino ratio measures and what it means b. If US has a Gini ratio of 0.484 and Switzerland's ratio is 0.384, what does it mean?
A potential entrepreneur is trying to decide whether to open a new health spa. She currently makes $35,000 per year as an aerobics instructor and will have to give up this job if she opens the new health spa. If she chooses to open the spa, it will cost her $200,000 per year in rent and other operating expenses.a. What are her opportunity costs? Give an example.b. How much would she need to make in revenues to earn positive economicprofits?