Kieron is currently working as an automobile detailer who earns $45,000/year. He currently has living costs of $30,000/year. Kieron has recently received a job offer interstate which offers $50,000 per year, where he expects his living costs to be $33,000/year. Select the item from the list provided to make the following statements true. By choosing to stay in his current job, Kieron is making a/an 1. Accounting profit 2. -$2000/year Total cost Kieron's economic profit/loss by choosing to remain in his current job is 3. 4. Economic profit 5. Economic loss 2 Kieron's explicit cost if he chose to take the job offer interstate would be 6. A normal profit - 7. $12000/year 6620000 8. $33000/year 9 Eveli 9. Explicit cost 10. $45000/year 11. $1900 12. Implicit cost

Kieron is currently working as an automobile detailer who earns $45,000/year. He currently has living costs of $30,000/year. Kieron has recently received a job offer interstate which offers $50,000 per year, where he expects his living costs to be $33,000/year. Select the item from the list provided to make the following statements true. By choosing to stay in his current job, Kieron is making a/an 1. Accounting profit 2. -$2000/year Total cost Kieron's economic profit/loss by choosing to remain in his current job is 3. 4. Economic profit 5. Economic loss 2 Kieron's explicit cost if he chose to take the job offer interstate would be 6. A normal profit - 7. $12000/year 6620000 8. $33000/year 9 Eveli 9. Explicit cost 10. $45000/year 11. $1900 12. Implicit cost

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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