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- Compare different pay scales. Decide if it is better to receive $500 a week or to be paid hourly at a rate of $12.50 per hour or to get 20% of whatever you sell? What factors could affect your decision? Explain. *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 wagesBrad 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?
- Mallory decides to spend 3 hours working overtime rather than watching a video with her friends. She earns $8 an hour. Her opportunity cost of working isTeresa works mowing lawns and babysitting. She earns 8.40 an hour for mowing and 6.90 an hour for babysitting. How much will she earn for 5 hours of mowing and 1 hour of babysitting?1. Julie needs to hire a plumber. She is told that the cost of hiring the plumber, C, is determined by the amount of time spent on the job, t, in hours. The plumber charges a one-time fee of $30 and an hourly rate of $40. How many hours did the plumber work if Julie paid him $190? Find the value for C (total cost) when time, t =0. Write a sentence describing its meaning.
- draw a budget line for a person who works 2000 hours a year today at 16$ per hour and expects to work 2000 hours in the future at the same wage. then show the effect on the graph if he increases his hourly wage to 50$an hourSara 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?Cindy is a baker and runs a large cupcake shop. She has already hired 11 employees and is thinking of hiring a 12th. Cindy estimates that a 12th worker would cost her $100 per day in wages and benefits while increasing her total revenue from $2,600 per day to $2,750 per day. Should Cindy hire a 12th worker? a. Yes. b. No. c. You need more information to figure this out.
- Suppose Georgette earns $13 an hour installing transistorized digital chips in electronic calculators. If you were unemployed, would you offer to work for $8 an hour to get the job? Why might a profit-maximizing employer turn down your generous offer?Mark is currently earning $44,000 a year. He has worked for this firm for 5 years. He is considering a job that will increase his lifetime earnings by $240,000 but that requires a Ph.D. in finance. The job will mean also attending a full-time finance program for four years at an annual cost of $28,500. Mark already completed an MBA, for which he spent $86,000 in tuition and books. Would he take the job and attend the Ph.D. program? Calculate: Insutructions: Use ono decimals. Use commas (30,000, not 30000). Opportunity costs of this decision = $ MC = $ MB = $ Sunk Costs = $Edie chooses to work 90 hours per week when the wage rate is $16 per hour. If she is offered time-and-a-half ($24 per hour) for “overtime work” (i.e., hours in excess of 90 per week), will she choose to work longer hours? Support your results with a diagram.
