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Author Question: Sue is taking an accounting job she was offered that pays 67,000 per year. She also had two other ... (Read 28 times)

s.tung

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on: Jul 1, 2018
Sue is taking an accounting job she was offered that pays 67,000 per year. She also had two other offers, a sales job paying 71,000 per year and a marketing job paying 65,000 per year. What is Sue's opportunity cost of taking the accounting job?
 
  A) 65,000
  B) 67,000
  C) 71,000
  D) 136,000

Question 2

Explain the difference between the marginal rate of substitution and the marginal rate of transformation.
 
  What will be an ideal response?


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efwsefaw

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Reply #1 on: Jul 1, 2018
Answer to Question 1

C

Answer to Question 2

The marginal rate of substitution is a consumer's willingness to trade one good for another based on utility. The marginal rate of transformation is the consumer's ability to trade one good for another based on prices.


s.tung

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Reply 2 on: Jul 1, 2018
Great answer, keep it coming :)

Missbam101

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Reply 3 on: Yesterday
Excellent

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