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?
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Sara Lee just graduated from college with a degree in accounting. She had
five job offers: Bean Counters CPA, $35,000; Assets R Us, $27,000; The
Debit Store, $30,000; J & J’s CPAs, $33,000; and The Double Entry Shop,
$40,000. What was her
Double Entry Shop?
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- The company that you manage has invested$5 million in developing a new product, butthe development is not quite finished. At arecent meeting, your salespeople report that theintroduction of competing products has reduced theexpected sales of your new product to $3 million. Ifit would cost $1 million to finish development andmake the product, should you go ahead and do so?What is the most that you should pay to completedevelopment?Authentic Biscuits from Australia … to Sell or Dispose? Helena is an MBA graduate from a Malaysian institution of higher learning. She had majored in marketing and is interested in retailing. One day, while browsing Jobstreet.com, to her excitement, she received a job offer from a large and prestigious department chain store in Kuala Lumpur. With open hands, Helena accepted the job offer. She is all set to face the challenges at the new workplace. At point of entry, she was positioned as a trainee executive, whereby she will be rotated on the job to all the departments to gain exposure and appreciate the nature of the business. Helena’s first assignment is to assist Madam Marina, a qualified buyer in the Food and Beverages Department. Buyers play a critical role in the management of the department store. They select the goods to be offered, negotiate purchase terms and conditions, set retail prices, arrange displays, organize promotions, and generally responsible for the operations of…Consider Sara as she goes through life. Is she destined to stay in the same income quintile her whole life, not able to move up the economic ladder? Question 9 options: A) In her early twenties, she may live with two room mates in an apartment while going to school and working part time and be in the second quintile. B) In her mid-forties, she could be the successful owner of a small business and be in the 4th quintile. C) In her sixties, Sara sells her business for $400,000 and for one year is in the top quintile, before settling into modest retirement in the 3rd quintile. D) All of the above are possible, showing that people over the course of their lives are not stuck in one quintile.
- Tully is a graduating high school senior deciding between three alternative combinations of education-work options. He could start working immediately and earn $30,000 working in a burrito truck in period one. His salary would increase to $60,000 in period 2 as he would become chef, and then fall in period 3 to $50,000 as he would become too physically tired to work too much in the kitchen. His first alternative is to spend $15,000 to attend Da-Lousy University for economics and earn an undergrad degree in period 1. Upon obtaining his degree he would earn $80,000 as an economist for periods 2 and 3. The final option is for Tully to complete a doctorate degree in economics after finishing his undergrad degree. There would be no direct costs as he would get scholarships, but he could not work in period 2 while he completed his PhD. After finishing his PhD he would earn $200,000 as an Econ Prof at Kings University in period 3. His discount rate is 15 percent per period. What should Tully…Suppose Andrea has a job that pays her $50 000 per year (after taxes). She is considering quitting her job and going to university full time for four years. Tuition fees and books will cost $12 000 per year. Living expenses in either situation will cost $20 000 per year. What is the opportunity cost of Andrea's four-year university degree? $200 000 $128 000 $288 000 $240 000 $248 000Elsa and Anna are two students each considering whether to pursue a college education before entering the job market. For each worker, an education level of E = 1 indicates that she has completed college and earned a degree, while E = 0 indicates she has not. Elsa can generate V E = 36 worth of output per hour while Anna can only produce V A = 12 per Obtaining a degree is costly, and the students must pay for their educations by taking out student loans that will be repaid during their working years. Elsa is a naturally capable student so the degree costs her the equivalent of CE = 18 per hour in future wages, whereas Anna struggles with her studies and must pay CA = 27 per hour. Note that their education levels do not impact their productivity. Hans is an employer who cannot observe the workers’ innate abilities but can observe their education levels. The labor market is competitive, so that Hans must always offer a wage equal to his reservation price, and thus makes zero profit. a)…
- Suppose your Chaffey college tuition per semester is $4,000 and your extra expenses with the college during the year (books, ather materiais, gas, meals, etc) sum $3,000. If you were not attending college, you could work at firm X and get an annual salary of $ 5,000. What is your opportunity cost of attending college in one year? In your calculations assume that you are taking 2 semesters in a year] Suppose that a football team is holding tryouts for various positions. A certain playertries out for both offensive line and defensive line. He ends up making the team as an offensivelineman. However, he is actually better at the defensive position. He is puzzled by this so he asksthe coach to explain. What do you think the coach told the player? Relate this to an economicconcept or concepts we have discussed.Elliot and Jordy find themselves on a deserted island. The only two activities available are fishing and finding pineapples. In a full day, Elliot can catch 6 fish or find 12 pineapples or some linear combination of the two; in the same time, Jordy can catch 4 fish or find 10 pineapples or some linear combination of the two. What are each individual’s marginal costs of fishing and finding pineapples? (must provide the correct answer for full credit, no additional work is necessary) Who has an absolute advantage in fish production? Who has an absolute advantage in finding pineapples? Briefly explain your reasoning. Who has a comparative advantage in fish production? Who has a comparative advantage in finding pineapples? Briefly explain your reasoning.
- 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.casey recently inherited $100,000 from her grandma rather than invest the money in a mututral fund that earns 5% she quit her job of translator which paid $60,000 and started casey's coffee crush which is recently cost $20,000 for this year. the equipments and machines cost $60,000. staffs help and advertising cost another $ 40,000 in her first year her revenue was $150,000 what is the implicit opportunity cost of casey's coffee crush?Assembly: Total cost of production = PAQA = 400Earnings of High-Skilled Labor = WHHA = 100Earnings of Low-Skilled Labor = WLLA = 200Earnings of Capital = RKA = 100R&D: Total cost of production = PRQR = 400Earnings of High-Skilled Labor = WHHR = 175Earnings of Low-Skilled Labor = WLLR = 125Earnings of Capital = RKR = 100A. In which factor(s) is assembly intensive? In which factor(s) is R&D intensive?B. Suppose that due to the opening of trade, the price of assembly falls by ∆PA/PA = −20%, the price of R&D remains unchanged, ∆PR/PR = 0%, and capital’s share earnings remains constant.C. What has happened to the relative wage of high-skilled/low-skilled labor? Does this match the predictions of the offshoring model?