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Zigmanuir [339]
3 years ago
10

Every society faces trade-offs because we live in a world of scarcity. Suppose a student-athlete has the opportunity to earn$400

,000next year playing for a minor league baseball team,$700,000next year playing for a European professional football team, or $0 returning to college for another year.The opportunity cost of the student-athlete returning to college next year is______________--
Business
1 answer:
ki77a [65]3 years ago
5 0

Answer:

Earning $700,000 next year playing for a European professional football team

Explanation:

Opportunity cost is the sacrificed option in decision making. The value of opportunity cost is expressed as the forfeited benefits from the next best alternative. Opportunity cost arises due to scarcity of resources, including time and finances.

The student-athlete cannot be in school and engage in play in a professional league in the same year. The student has to pick one option as he or she cannot be in two places at the same time. The forfeited option is the opportunity cost. In the case of many options, the forgone option with the highest value is the opportunity cost. For this student-athlete, $700,000 missed for not playing for a European professional football team is the opportunity cost. It represents the next best alternative from the option chosen.

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A salesperson earns a weekly salary of $600 plus a commission of 1 percent of sales over $2,000. If he earned $650 in a certain
scoundrel [369]

Answer:

$ 7000

Explanation:

Given data;

Weekly salary of the salesperson = $ 600

Commission earned = 1 % on the sales over $ 2000

The amount earned by the salesman in the week = $ 650

Thus, the commission received = $ 650 - $ 600 = $ 50

Now,

let the amount over $ 2000 for which the commission of $ 50 paid be 'x'

therefore,

1 % of x = $ 50

or

0.01x = $ 50

or

x = $ 5000

Hence, the total sales was of $ 2000 + $ 5000 = $ 7000

3 0
3 years ago
Suppose that the government of Ping's country hears of the working conditions and the country seizes the Quality Dragon plant wh
ella [17]

Answer: a. expropriation

Explanation:

Expropriation happens when privately owned property are forcefully taken by government for it to be used by the general public. It is an act of depriving people of their right to property, although expropriation is to the advantage of the general public. In most countries especially in the US expropriation occurs when there is a need to embark on certain infrastructural project such as airports, railroads, etc.

6 0
2 years ago
Every society faces trade-offs because we live in a world of scarcity. Suppose a student-athlete has the opportunity to earn$400
ki77a [65]

Answer:

Earning $700,000 next year playing for a European professional football team

Explanation:

Opportunity cost is the sacrificed option in decision making. The value of opportunity cost is expressed as the forfeited benefits from the next best alternative. Opportunity cost arises due to scarcity of resources, including time and finances.

The student-athlete cannot be in school and engage in play in a professional league in the same year. The student has to pick one option as he or she cannot be in two places at the same time. The forfeited option is the opportunity cost. In the case of many options, the forgone option with the highest value is the opportunity cost. For this student-athlete, $700,000 missed for not playing for a European professional football team is the opportunity cost. It represents the next best alternative from the option chosen.

5 0
3 years ago
Hank purchased a $28,000 car two years ago using an 8 percent, 5-year loan. He has decided that he would sell the car now, if he
muminat

Answer:

$18,117.58

Explanation:

the question requires that we find the minimum price Hank would need to receive his first car.

loan = $28,000

rate = 0.08/12 = 0.0067

the monthly payment can be calculated as:

loan /[0.0067/1-(1/(0.0067)^60))]

= 28000/[1-1/(1.0067^60)/0.0067]

= 28000/(1-(1/1.0067)^60)/0.0067

= $567.74

The minimum price can be calculated as:

pmt = 567.74 x [(1-(1/1.0067^36))/0.0067) x 0.0067

= $18,117.58

8 0
2 years ago
Benito's family is thinking of relocating from Los Angeles to Oakland to save money. They set up a budget comparing the cost of
padilas [110]

Answer:

Total monthly saving = $1,315

Explanation:

Given:

                         Oakland     Los Angeles  

Cost Housing       $565        $1200

Food                     $545        $655

Health Care          $245        $495

Taxes                    $450         $625

Other Necessities $350        $495

Find:

Total monthly saving

Computation:

Saving in house = $1200 - $565 = $635

Saving in food = $655 - $545 = $110

Saving in health care = $495 - $245 = $250

Saving in taxes = $625 - $450 = $175

Saving in necessities = $495 - $350 = $145

Total monthly saving = $635+$110+$250+$175+$145

Total monthly saving = $1,315

7 0
2 years ago
Read 2 more answers
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