Ricardo works part time at a local computer store. One day, his manager approaches him about moving from cashier to floor superv
isor. Ricardo is excited because the promotion comes with a raise; however, the extra work hours would take away from time with his friends. In the end, he decides to take the promotion. What is Ricardo's opportunity cost?
Answer:Ricardo works part time at a local computer store. One day, his manager approaches him about moving from cashier to floor supervisor. Ricardo is excited because the promotion comes with a raise; however, the extra work hours would take away from time with his friends. In the end, he decides to take the promotion. Ricardo's opportunity cost is choosing the promotion over time with his friends.
<u>Explanation:</u>
When there are many options in front of us.Out of these options when we select one we have to forgo the other options. While we forgo other options we have to bear the loss. So the opportunity cost is the cost of the next best option that we have given up.
if Ricardo works extra hours than he will not get time to spend with his friends so this is his loss which is arising due to the benefit he is getting from promotion. This loss will be his opportunity cost.
In the given case it is valid contract as there is time, promise, benefit and obligation to do thing. But verbal contracts are difficult to prove. Stan and Byron have a verbal contract which is a promise for 10 days and the contract has exchange of goods for $600. Offer is made by Byron but the acceptance is not yet given by Stan.
Here only the offer is made and it is not yet accepted by Byron. here Stan has revoked the offer through letter so the revoke has been communicated to the other party through letter. So in this case there is no breach of contract as the contract was clearly revoked by Stan through his letter.
The correct answer is the well-being of each person in an economy.
Explanation:
Also known as the "Standard of living", this is something that cannot be reflected from the per capital income, whether it's nominal or real. The reason is when you divide the GDP from the population, the assumption is all the GDP is distributed among the population equally.
But this is not the case in the real world and there are many variances, discrimination, discrepancies and inequalities when the wealth and resources are distributed.
