Suppose Anna is considering two job offers. She can choose to either work as a barista in a cafe or a coach in a gym. The cafe is only asix-minute walk from where she lives. The gym is 45 minutes away by bus (single trip) with a daily ticket price of $5.The cafe offers her 4 shift hours per day, five days per week and pays her $20 per hour. While working at the cafe Anna can also havethree cups of free coffee each week. Alternatively, the gym offers her 4 shift hours per day, four days per week and pays her $30 perhour and she can enjoy 20% discount off the gym membership. If Anna will take one and only one of the jobs, the opportunity cost oftaking the barista job is $_leisure time, plus _480, +1 hour, three cups of coffee' 460, +1 hour, 20% discount off membership460, 0 hour, 20% discount off membership480, -1 hour, three cups of coffee

Opportunity cost : It is the potential benefit that an individual, producer or investor misses out…

Answered: IT Anna WIll take one 1d only Jobs,…

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IT Anna WIll take one 1d only Jobs, oppor rtuni Ity of

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.

Question

Suppose Anna is considering two job offers. She can choose to either work as a barista in a cafe or a coach in a gym. The cafe is only a
six-minute walk from where she lives. The gym is 45 minutes away by bus (single trip) with a daily ticket price of $5.
The cafe offers her 4 shift hours per day, five days per week and pays her $20 per hour. While working at the cafe Anna can also have
three cups of free coffee each week. Alternatively, the gym offers her 4 shift hours per day, four days per week and pays her $30 per
hour and she can enjoy 20% discount off the gym membership. If Anna will take one and only one of the jobs, the opportunity cost of
taking the barista job is $_
leisure time, plus _
480, +1 hour, three cups of coffee
' 460, +1 hour, 20% discount off membership
460, 0 hour, 20% discount off membership
480, -1 hour, three cups of coffee

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