Suppose after graduating from college you get a job working at a bank earming RM30,000 per year. After two years of working at the bank earning the same salary, you have an opportunity to enroll in a one-year graduate program that would require you to quit your job at the bank. Which of the following should not be included in a calculation of your opportunity cost? А. The RM45,000 salary that you will be able to earn after having completed your graduate program В. The RM30,000 salary that you could have earned if you retained your job at the bank C. The value of insurance coverage and other employee benefits you would have received if you retained your job at the bank D. The cost of tuition and books to attend the graduate program

Suppose after graduating from college you get a job working at a bank earming RM30,000 per year. After two years of working at the bank earning the same salary, you have an opportunity to enroll in a one-year graduate program that would require you to quit your job at the bank. Which of the following should not be included in a calculation of your opportunity cost? А. The RM45,000 salary that you will be able to earn after having completed your graduate program В. The RM30,000 salary that you could have earned if you retained your job at the bank C. The value of insurance coverage and other employee benefits you would have received if you retained your job at the bank D. The cost of tuition and books to attend the graduate program

Economics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506725

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter21: Costs And The Supply Of Goods

Section: Chapter Questions

Problem 12CQ

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cost data:Assembly: Total cost of production = 400Earnings of High-Skilled Labor = 100Earnings of Low-Skilled Labor = 200Earnings of Capital = 100R&D: Total cost of production = 400Earnings of High-Skilled Labor = 175Earnings of Low-Skilled Labor = 125Earnings of Capital = 100A) In which factor is assembly intensive? In which factor is R&D intensive? Suppose that due to the opening of trade, the price of assembly falls by −20%, the price of R&Dremains unchanged, 0%, and capital’s share earnings remains constant. What has happened to the relative wage of high-skilled/low-skilled labor? Does this match the predictions of the offshoring model?
It takes one hour to travel from Manila to Laoag by air, but it takes 10 hours by bus. Airfare costs PhP2,000 and the bus fare is P800. a. For someone whose opportunity cost of travel time is PhP150, would he choose to travel by air or by land? Why? b. What if security procedures result in a 1 hour waiting time at the airport before travelling, what would happen to his decision in (a) and why? c. What if the opportunity cost of time is now PhP125? Would he choose to travel by air or by land? Why?
Consider Alex's decision to go to college. If he goes to college, he will spend $40036 on tuition, $23511 on room and board, $3060 on books, and $96 in parking and commuting. If he does not go to college, he will earn $70068 working in a store, spend $20783 on room and board, and 78 in parking and commute to work. What is Alex's opportunity cost of going to college?24226
Assume we are in a Ricardian world, where there are 2 countries: Home and Foreign, 2 goods: x and y, and one factor of production: Labor(L). The labor unit requirements for production of each good and the aggregate labor supply in each country are given as follows: Home country: ax= 4, ay= 3, L= 2400 Foreign country: a*x= 10, a*y= 6, L= 3000 a) What is the opportunity cost of x in terms of y in Home and Foreign? b) Who has the absolute advantage in which good? c) Who has the comparative advantage in which good? d) If there is no trade between Home and Foreign, what will the relative price of x in terms of y be in each country?
If you have SAR 50,000 to start a new business, you can earn 10 percent interest on money in a bank account. Your business expenses are SAR 22,000 per year on rent, SAR 18,000 per year on supplies, and SAR 5,000 per year on part time help. As for your personal expenses, your apartment costs you SAR 12,000 per year and your personal bills are an extra SAR 6,000 per year. What is your opportunity cost of running the business?
You win Php.5,000 in a basketball pool. You have a choice between spending the money now and putting it away for a year in a bank account that pays 5 percent interest. What is the opportunity cost of spending the Php.5,000 now?
Robinson and Friday are trapped on an island together and can produce Fish (F) or Coconuts (C) with the time they have on any given day. Let LF and LC denote labor hours dedicated to fishing or gathering coconuts, respectively. Robinson's technological relationships for producing coconuts is given by: CRobinson=14LC Friday's technological relationship for producing coconuts is given by: CFriday=12LC Which of the following is true? (check all that apply) If Robinson and Friday both use the same (positive) number of hours of labor to harvest coconuts, Robinson will always be able to harvest more. Robinson has the comparative advantage in coconut production Friday has the absolute advantage in coconut production Both Robinson's and Friday's marginal productivity of labor decreases as they spend more time harvesting coconuts
please help Assume that you allocate 8 hours to study for the exams of math and English. If you spend more time on one subject, you have less time for the other subject. Therefore, the opportunity cost of gaining one more mark in math is the English marks you need to give up. (Suppose 8 hours are not enough for getting full marks in both subjects.) What are two scenarios where the opportunity cost of improving your math grade will decrease?
Suppose a student has two options for the upcoming year. She can earn $30,000 next year working full-time at Albertson's, or earn $0 returning to college full-time for another year and paying $6,000 in tuition and fees. The opportunity cost of the student returning to college next year is a) $30,000 b) $6,000 c) $36,000 d) $0
Your friend Desmond is thinking about taking a year off of college to work. He argues that his opportunity cost of being in school is the money he is losing by not working and since classes are online he is not getting the full benefits from taking classes, Is he correctly applying the concepts of opportunity cost?O We don't have enough information to answer this question unless we know the marginal costs as well.O No, because he is not considering the low tuition rates of attending PCC and that he will save money by not having to drive to campus.O It depends on if he is taking classes at PCC or at an expensive private school.O Yes, because the opportunity cost is what else he would be doing if he wasn't in class and in this case he would be working if he wasn't in school.
09. If Portugal has a total of 90 man-hours of resources available for production, while England has only 30, what are the resource costs of wine and cloth ? a) wine costs 2 man-hours/bottle and cloth costs 6 man-hours/yard in Portugal. b) wine costs 1 man-hour/bottle and cloth costs 1 man-hour/yard in Portugal. c) cloth costs 2 man-hours/yard and wine costs 1 man-hours/bottle in Portugal. d) wine costs 1/2 yards/bottle and cloth costs 2 bottles/yard in Portugal.
Suppose you've just inherited $5,000 from a relative. You're trying to decide whether to put the $5,000 in a non-interest-bearing account so that you can use it whenever you want (that is, hold it as money) or to use it to buy a U.S. Treasury bond. The opportunity cost of holding the inheritance as money depends on the interest rate on the bond. For each of the interest rates in the following table, compute the opportunity cost of holding the $5,000 as money. Interest Rate on Government Bond Opportunity Cost (Percent) (Dollars per year) 9 6 What does the previous analysis suggest about the market for money? The quantity of money demanded decreases as the interest rate falls. The quantity of money demanded increases as the interest rate falls. The supply of money is independent of the interest rate. Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer…