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Economics
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13 Jan 2018

4. Alex spends an hour working on a paper for his creative writing class. He has a job that pays him $10 per hour, but if he had not worked on the paper he would have taken a nap instead of going to work. What is the opportunity cost to Alex of the hour he spent writing his paper? (a) The $10 he could have earned at work plus the value he would have received from taking a nap. (b) The $10 he could have earned at work. (c) The value he would have received from taking a nap minus the $10 he could have received at work. (d) The value he would have received from taking a nap.

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Reid Wolff
Reid WolffLv2
14 Jan 2018
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Related questions

Sam pays $600 for 30 days of guitar classes. He attends an hour-long class every day. If, instead of attending class, he works at a part-time job, he would be paid $5 an hour. Or, he could work at a fast-food outlet and earn $9 per hour. Once he has already paid a nonrefundable fee of $600 to enroll in the class, what is his opportunity cost of attending each hour of class?

7. In each of the following scenarios, explain and categorize the cost of inflation.

Because inflation has risen, the J. Crew clothing company decides to issue a new catalog monthly rather than quarterly.

Grandpa buys an annuity for $100,000 from an insurance company, which promises to pay him $10,000 a year for the rest of his life. After buying it, he is surprised that high inflation triples the price level over the next few years.

Maria lives in an economy with hyperinflation. Each day after being paid, she runs to the store as quickly as possible so she can spend her money before it loses value.

Gita lives in an economy with an inflation rate of 10 percent. Over the past year, she earned a return of $50,000 on her million-dollar portfolio of stocks and bonds. Because her tax rate is 20 percent, she paid $10,000 to the government.

Your father tells you that when he was your age, he worked for only $4 an hour. He suggests that you are lucky to have a job that pays $9 an hour.

John is a manager in the gardening department at ABC Hardware. Last week the general manager was fired for incompetence. The chief executive officer appointed John to be the new general manager. John's salary will increase from $150,000 annually to $350,000 annually. John wants the job and is willing to accept the responsibilities that come with it.

The CEO said that there are many changes in the making and that everything will go digital. The employees are used to doing their work by handwritten orders. This new change will have to be implemented within the next 60 days. Most of the employees have never used a computer and do not understand what is meant by digital.

The CEO told John that the plumbing department, which consists of 25 employees is not working efficiently. The workers continuously arrive late to work and do little or no work during the time that they are at work. The morale in that unit is very low. Their manager is attending school at night and could care less about the employees or the business. He has a total" hands-off "approach to running the business and totally neglects the business. The supervisor of the unit is off on disability caused by alcoholism, so no one is there to monitor the work.

The electrical department, consisting of 100 workers, is working efficiently, however, the morale is extremely low there. The workers are upset that they cannot advance and they have not received a wage increase in two years. John discovered that the manager continuously shows up to work late and never engages the employees. Sometimes he tells the workers that they are not professional and that they are lucky to have a job. Most of the workers are afraid of him and want to transfer or quit. It has been rumored that he sexually harassed the woman in the unit. The supervisor of this unit has been in the hospital suffering from a stroke for the past month. They are not sure if he will ever return to work.

Other than the above-mentioned problems, the company is doing well financially. Last year it made a profit of 100 million. It has the potential to make 500 million.

John has been given one year to turn these departments around. John comes to you and he asks your advice about how to turn this business around. He was told that if he did not turn these units around, he will be looking for a job as well. The CEO is a nice guy, but he is demanding and he has fired managers before.

Analyze the issue regarding "going digital" and explain how that change can be carried out. Also, analyze the approach that should be taken regarding the managers and supervisors of both units.

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