Johnny is planning to work part-time to earn some income for his future uses. Three part-time job opportunities are currently available, and their details can be found in the table below. Job Title Working time Salary per job Customer Service Assistant 9 am - 5 pm $700 HKD Private Tutor 11 am-2 pm $400 HKD 1pm - 6 pm $500 HKD a. b. C. d. Sales Johnny has no particular preference for the part-time jobs except that he hopes to maximize his income. What is the opportunity cost for Johnny to work as a Customer Service Assistant, in Hong Kong Dollars? Explain your answer. Should Johnny work as a Customer Service Assistant? Justify your answer by comparing the marginal benefit and marginal cost. Suppose that there is a rescheduling of the Private Tutor job such that the working time is from 8:30 am to 11:30 am without any changes to the current salary. After the rescheduling, what is the opportunity cost for Johnny to work as a Customer Service Assistant, in Hong Kong Dollars? Explain your answer. Given your answer in part c, should Johnny work as a Customer Service Assistant? Justify your answer by comparing the marginal benefit and the marginal cost for Johnny to work as a Customer Service Assistant.
Johnny is planning to work part-time to earn some income for his future uses. Three part-time job opportunities are currently available, and their details can be found in the table below. Job Title Working time Salary per job Customer Service Assistant 9 am - 5 pm $700 HKD Private Tutor 11 am-2 pm $400 HKD 1pm - 6 pm $500 HKD a. b. C. d. Sales Johnny has no particular preference for the part-time jobs except that he hopes to maximize his income. What is the opportunity cost for Johnny to work as a Customer Service Assistant, in Hong Kong Dollars? Explain your answer. Should Johnny work as a Customer Service Assistant? Justify your answer by comparing the marginal benefit and marginal cost. Suppose that there is a rescheduling of the Private Tutor job such that the working time is from 8:30 am to 11:30 am without any changes to the current salary. After the rescheduling, what is the opportunity cost for Johnny to work as a Customer Service Assistant, in Hong Kong Dollars? Explain your answer. Given your answer in part c, should Johnny work as a Customer Service Assistant? Justify your answer by comparing the marginal benefit and the marginal cost for Johnny to work as a Customer Service Assistant.
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter22: Inflation
Section: Chapter Questions
Problem 7SCQ: Go to this website (http://www.measuringworth.com/ppowerus/) for the Purchasing Power Calculator at...
Related questions
Question
not use ai please
Transcribed Image Text:Johnny is planning to work part-time to earn some
income for his future uses. Three part-time job
opportunities are currently available, and their details
can be found in the table below.
Job Title
Working time
Salary per job
Customer Service Assistant
9 am - 5 pm
$700 HKD
Private Tutor
11 am-2 pm
$400 HKD
1pm - 6 pm
$500 HKD
a.
b.
C.
d.
Sales
Johnny has no particular preference for the part-time jobs except that he hopes
to maximize his income.
What is the opportunity cost for Johnny to work as a Customer Service Assistant,
in Hong Kong Dollars? Explain your answer.
Should Johnny work as a Customer Service Assistant? Justify your answer by
comparing the marginal benefit and marginal cost.
Suppose that there is a rescheduling of the Private Tutor job such that the
working time is from 8:30 am to 11:30 am without any changes to the current
salary.
After the rescheduling, what is the opportunity cost for Johnny to work as a
Customer Service Assistant, in Hong Kong Dollars? Explain your answer.
Given your answer in part c, should Johnny work as a Customer Service
Assistant? Justify your answer by comparing the marginal benefit and the
marginal cost for Johnny to work as a Customer Service Assistant.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
Economics (MindTap Course List)
Economics
ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
Economics (MindTap Course List)
Economics
ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning
