Economic Education For Consumers
4th Edition
ISBN: 9780538448888
Author: Roger LeRoy Miller, Alan D. Stafford
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
Chapter 1.1, Problem 13TC
To determine
The possible
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
John is an economist working for Ministry of Tourism in Suva, earning $30,000 per year. There are, say, three alternative careers available for John. He can work for Reserve Bank or Ministry of Economy in Suva for $25,000 and $28,000 per year respectively. Still another alternative is that he can set up his own economic consultancy firm, expecting to make a profit of $27,500 a year for himself. What is John’s opportunity cost of working in Ministry of Tourism?
What would be the impact of rational self-interest on your decision whether to attend college fulltime or enter full-time work force?
Critically discuss TWO emotional/personal benefits that will motivate you to find a job.
Chapter 1 Solutions
Economic Education For Consumers
Ch. 1.1 - Prob. 1UCCh. 1.1 - Prob. 2UCCh. 1.1 - Prob. 3UCCh. 1.1 - Prob. 4UCCh. 1.1 - Prob. 5UCCh. 1.1 - Prob. 6UCCh. 1.1 - Prob. 7UCCh. 1.1 - Prob. 8UCCh. 1.1 - Prob. 9TCCh. 1.1 - Prob. 10TC
Ch. 1.1 - Prob. 11TCCh. 1.1 - Prob. 12TCCh. 1.1 - Prob. 13TCCh. 1.2 - Prob. 1UCCh. 1.2 - Prob. 2UCCh. 1.2 - Prob. 3UCCh. 1.2 - Prob. 4UCCh. 1.2 - Prob. 5UCCh. 1.2 - Prob. 6TCCh. 1.2 - Prob. 7TCCh. 1.2 - Prob. 8TCCh. 1.2 - Prob. 9TCCh. 1.3 - Prob. 1UCCh. 1.3 - Prob. 2UCCh. 1.3 - Prob. 3UCCh. 1.3 - Prob. 4UCCh. 1.3 - Prob. 5UCCh. 1.3 - Prob. 6UCCh. 1.3 - Prob. 7TCCh. 1.3 - Prob. 8TCCh. 1.3 - Prob. 9TCCh. 1.3 - Prob. 10TCCh. 1.3 - Prob. 11TCCh. 1.3 - Prob. 12TCCh. 1.4 - Prob. 1UCCh. 1.4 - Prob. 2UCCh. 1.4 - Prob. 3UCCh. 1.4 - Prob. 4UCCh. 1.4 - Prob. 5UCCh. 1.4 - Prob. 6UCCh. 1.4 - Prob. 7TCCh. 1.4 - Prob. 8TCCh. 1.4 - Prob. 9TCCh. 1.4 - Prob. 10TCCh. 1.4 - Prob. 11TCCh. 1.4 - Prob. 12TCCh. 1.5 - Prob. 1UCCh. 1.5 - Prob. 2UCCh. 1.5 - How can informative advertising help you make good...Ch. 1.5 - Prob. 4UCCh. 1.5 - Prob. 5UCCh. 1.5 - Prob. 6UCCh. 1.5 - How can using the decision making process help you...Ch. 1.5 - Prob. 8TCCh. 1.5 - Prob. 9TCCh. 1.5 - Prob. 10TCCh. 1.5 - Prob. 11TCCh. 1.5 - Prob. 12TCCh. 1.5 - Prob. 13TCCh. 1.5 - Prob. 14TCCh. 1.5 - Prob. 15TCCh. 1.5 - Prob. 16TCCh. 1.5 - Prob. 17TCCh. 1.6 - Prob. 1UCCh. 1.6 - Prob. 2UCCh. 1.6 - Prob. 3UCCh. 1.6 - Prob. 4UCCh. 1.6 - Prob. 5UCCh. 1.6 - Prob. 6UCCh. 1.6 - Prob. 7UCCh. 1.6 - Prob. 8TCCh. 1.6 - Prob. 9TCCh. 1.6 - Prob. 10TCCh. 1.6 - Prob. 11TCCh. 1.6 - Prob. 12TCCh. 1.6 - Prob. 13TCCh. 1 - Prob. 1TRCh. 1 - Prob. 2TRCh. 1 - Prob. 3TRCh. 1 - Prob. 4TRCh. 1 - Prob. 5TRCh. 1 - Prob. 6TRCh. 1 - Prob. 7TRCh. 1 - Prob. 8TRCh. 1 - Prob. 9TRCh. 1 - Prob. 10TRCh. 1 - Prob. 11TRCh. 1 - Prob. 12TRCh. 1 - Prob. 13TRCh. 1 - Prob. 14TRCh. 1 - Prob. 15TRCh. 1 - Prob. 16TRCh. 1 - Prob. 17TRCh. 1 - Prob. 18TRCh. 1 - Prob. 19TRCh. 1 - Prob. 20TRCh. 1 - Prob. 21TRCh. 1 - Prob. 22TRCh. 1 - Prob. 23TRCh. 1 - Prob. 24TRCh. 1 - Prob. 25TRCh. 1 - Prob. 26TRCh. 1 - Prob. 27TRCh. 1 - Prob. 28TRCh. 1 - Prob. 29TRCh. 1 - Prob. 30TRCh. 1 - Prob. 31TRCh. 1 - Prob. 32TRCh. 1 - Prob. 33TR
Knowledge Booster
Similar questions
- What happens when you look at earnings per dollar spent to get an education?arrow_forwardHow does a human capital investment in education increase your lifetime earning?arrow_forwardDebbie is about to choose a career path. She has narrowed her options to two alternatives. She can become either a marine biologist or a concert pianist. Debbie lives two periods. In the first, she gets an education. In the second, she works in the labor market. If Debbie becomes a marine biologist, she will spend $15,000 on education in the first period and earn $472,000 in the second period. If she becomes a concert pianist, she will spend $40,000 on education in the first period and then earn $500,000 in the second period.a. Suppose Debbie can lend and borrow money at a 5 percent rate of interest between the two periods. Which career will she pursue? What if she can lend and borrow money at a 15 percent rate of interest? Will she choose a different option? Why?b. Suppose musical conservatories raise their tuition so that it now costs Debbie $60,000 to become a concert pianist. What career will Debbie pursue if the interest rate is 5 percent?arrow_forward
- How do you think the impact of technology in economics is changing the choices for future careers? Evaluate the impact of technology in your own future career choice.arrow_forwardAggeliki works for a multinational corporation. They relocate her to a city in which housing and food is double as expensive as in her original city, but all the other goods, like transportation, entertainment, education, etc. are half the price. The company does not know how Aggeliki spends her money. If they want to make sure that Aggeliki is not worse off with the change, what is the minimal change in salary that they need to give her?arrow_forwardJeff can opt to join singing classes or work as a part time job in that one hour. The job would help him make $500 per month Calculate the opportunity cost of Jeff opting for singing classesarrow_forward
- Q2. After you graduate, you have decided to accept a position working at the Bureau of Labor Statistics for $35,000.00 a year. The two other offers you received were working for WalMart for $28,000 and working for Ernst and Young consulting for $32,000. What is the opportunity cost of accepting the position at the Bureau of Labor Statistics?arrow_forwardSuppose you have a choice of working full-time during the summer or going full-time to summer school. Summer tuition and books are $2,200. If you worked, you could make $7,000. Your rent is $1,000 for the summer, regardless of your choice. What is the opportunity of your choice of going to summer school?arrow_forwardIn addition to price increases and consumer demand, what is another economic factor that can affect career opportunities? Demographic trends Interest rates Foreign competition Changing uses of technology Geographic trends All of these choices are correct. Explain your answer and cite sources pleasearrow_forward
- Suppose you have a job and earn a salary. What is the opportunity cost today of saving some of your salary for your retirementarrow_forwardWhat is the opportunity cost of your MBA education? How does the opportunity cost to you change if you can benefit from a generous federally sponsored tuition grant?arrow_forwardWhat is employabilityarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Economics Today and Tomorrow, Student EditionEconomicsISBN:9780078747663Author:McGraw-HillPublisher:Glencoe/McGraw-Hill School Pub Co
Economics: Private and Public Choice (MindTap Cou...EconomicsISBN:9781305506725Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Microeconomics: Private and Public Choice (MindTa...EconomicsISBN:9781305506893Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Economics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
Economics Today and Tomorrow, Student Edition
Economics
ISBN:9780078747663
Author:McGraw-Hill
Publisher:Glencoe/McGraw-Hill School Pub Co
Economics: Private and Public Choice (MindTap Cou...
Economics
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Microeconomics: Private and Public Choice (MindTa...
Economics
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning