Shannon is the mother of a 3-year old. She currently stays home with her child. Before giving birth, Shannon worked as a marketing consultant making $36,000 annually. The cumulative opportunity cost of Shannon's decision to stay at home with her child is $. Shannon is offered a position with a marketing company that pays $36,000 annually. However, Shannon would need to spend an additional $1,500 per month for day care services for her child. The annual opportunity cost of Shannon turning this job down is $

Shannon is the mother of a 3-year old. She currently stays home with her child. Before giving birth, Shannon worked as a marketing consultant making $36,000 annually. The cumulative opportunity cost of Shannon's decision to stay at home with her child is $. Shannon is offered a position with a marketing company that pays $36,000 annually. However, Shannon would need to spend an additional $1,500 per month for day care services for her child. The annual opportunity cost of Shannon turning this job down is $

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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QUESTION 9 George runs a very large confectionary factory where he makes all kinds of products including chocolate, toffee, and fudge, for the export market. Hector runs a doctor's practice next to this facility. Currently, George's factory machinery produces a substantial amount of noise, which is making it difficult for Hector to properly focus when he is treating a patient. This situation is causing Hector great distress, and, spurred on by his varying attentiveness and the annoyance of the noise itself. patients are also starting to seek medical care elsewhere. Hector therefore wishes to come to an agreement with George to stop him from using hist machinery during times when he should be the busiest with patients at his practice. Their respective benefits are shown below: Gains to George ($) Gains to Hector ($) Total ($) No Noise Controls 800 250 1050 Noise Controls 500 566 George insists that Hector will need to pay him exactly half the extra benefits that Hector gains from the…
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