An entrepreneur quits a job where she was earning $60,000 per year and starts her own business. In this business she is earning $20,000. What is the cost of the business? Suppose the entrepreneur is so happy being on her own that she thinks it gives her the same joy that a $100,000 job would. What is the cost of the business?
Answer to relevant QuestionsYou are to decide whether to implement “teams” in this course. Describe the costs and benefits of having teams of students work together on papers, exams, and homework. Would you implement teams? Why or why not?What is the difference between rich and poor nations? How did they become rich or poor? In this and the last chapter it was noted that “Profit opportunities attract firms like sharks to blood.” ExplainExplain how smoking can simultaneously generate positive and negative externalities. Is there too much or too little smoking? Explain why smoking bans on bars and restaurants do not efficiently solve an externality problem.Suppose that an automobile race track is built several miles from a small town. After the construction is completed it is discovered that the heavy roar from the cars regularly disturbs the 2,500 local residents between the ...
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