Emily Adessa is an attorney employed by a large law firm at a salary of $85,000 per
Question:
Emily Adessa is an attorney employed by a large law firm at a salary of $85,000 per year. She is considering whether to become a sole practitioner, which would probably generate annually $410,000 in operating revenues and $290,000 in operating expenses.
1. Present two tabulations of the annual income effects of these alternatives. The second tabulation should include the opportunity cost of Adessa’s compensation as an employee.
2. Suppose Adessa prefers less risk and chooses to stay an employee. Show a tabulation of the income effects of rejecting the opportunity of independent practice.
Opportunity Cost Opportunity cost is the profit lost when one alternative is selected over another. The Opportunity Cost refers to the expected returns from the second best alternative use of resources that are foregone due to the scarcity of resources such as land,...
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1 Each tabulation produces the key difference of 35000 As a general rule ...View the full answer
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