The opportunity cost of driving for Uber or Lyft includes the ________ and ________ from a regular
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The opportunity cost of driving for Uber or Lyft includes the ________ and ________ from a regular job.
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Application 1 OPPORTUNITY COST AND ENTREPRENEURSHIP APPLYING THE CONCEPTS #1: What is the Opportunity Cost of an Entrepreneur? For many workers, participation in the sharing economy as a driver for Uber or Lyft is an attractive way to earn an income. The cost of driving for Uber includes the opportunity cost of time diverted from working at a regular job. If a regular job pays a salary of $3,000 per month, that's only part of the opportunity cost. In addition, many regular jobs have fringe benefits such as paid sick leave, vacation days, and subsidized health insur- ance. Driving for Uber doesn't generate these fringe benefits, so a worker who switches from a regular job to Uber will sacrifice more than the $3,000 salary. Related to Exercise 1.8.
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Related Book For
Microeconomics Principles Applications And Tools
ISBN: 9780134078878
9th Edition
Authors: Arthur O'Sullivan, Steven Sheffrin, Stephen Perez
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