John and Peter are form 3 students who are 14 years old and 15 years old respectively. After completing junior secondary schooling, they can choose to study in form 4 or go to work. Suppose two jobs are offered to them: (A) working as an office assistant with an age requirement of at least 14 years old, earning a monthly salary of $3500: (B) working as a salesman with an age requirement of at least 15 years old, earning a monthly salary of $4000.
a) Find the opportunity cost to John and Peter respectively if they choose to continue their studies. Explain each case.
b) The firm offering the post of office assistant would like to increase the monthly salary to $4200 so as to attract more applicants. What is the opportunity cost to Peter if he still chooses to continue his study?
Opportunity cost in Econ
2014-03-24 12:48 am
回答 (2)
2014-03-24 7:13 pm
✔ 最佳答案
a)John is 14 years old and satisfied the age requirement of A job only.
The opportunity cost to John continues his studies is earning a monthly salary of $3500 from A job.
Peter is 15 years old and satisfied the age requirement of both job.
The opportunity cost to Peter continues his studies is earning a monthly salary of $4000 from B job.
b)
Since the salary of A job was changed and it is higher that B job now.
When Peter continues his studies, the opportunity cost is changed.
The opportunity cost is earning a monthly salary of $4200 from A job now.
2014-03-24 16:53:45 補充：
hi fiona,
opportunity cost will not consider the changes after a decision was made.
therefore, just consider about "that moment" when making decesion.
2014-03-24 8:46 pm
but john will be 15 years old in the next year
收錄日期: 2021-04-20 15:07:39
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