What was your opportunity cost

Reference no: EM133659115

Problem: Consider the following scenario in relation to your GYM venture and determine the opportunity cost of leaving your job to become a GYM entrepreneur. You currently make $55,000 per year at your job plus benefits (equal to 30% of your salary) (you don't have to publicly state your salary - just the opportunity cost). On January 1 of the New Year, you start your own GYM business. After the first year, your accountant informs you that you made $45,000 and out of that you paid $6,000 for health insurance. What was your opportunity cost? If your opportunity cost is higher than you would like, how can you lower your opportunity cost in the future years?

Reference no: EM133659115

Questions Cloud

Explain in detail and remember to cite your sources : Under which type of unemployment classification - frictional, structural. Explain in detail and remember to cite your sources - even if it is just the textbook.

Explain how a tax could be used to steer competitive market : Explain how a tax could be used to steer the competitive market outcome towards the economically efficient outcome.

How does blackbeards optimal bundle change : How does Blackbeard's optimal bundle change if the price of grog, p 1, increases by a small amount (and all else remains the same)?

What happens to the graph as the standard deviation increase : Place the graph at muµequals=0. Using the sigma (sigmas) slider, increase the value of sigma. What happens to the graph as the standard deviation increases?

What was your opportunity cost : What was your opportunity cost? If your opportunity cost is higher than you would like, how can you lower your opportunity cost in the future years?

What should he be enthusiac about and is the price fair : What should he be enthusiac about and is the price fair for proepty in specifc markets. In Montreal in the 90's they faced a recission, slow ecconomic growth.

Explain the policy implications for government : Using diagrams as an aid can you show the difference in welfare between a monopoly and a perfectly competitive. Explain the policy implications for government.

What is jacks elasticity of demand : What is Jack's elasticity of demand if his first price for his skateboards was $28 (P1=$28) at a quantity of 4 (Q1=4) and his second price per skateboard?

Which method will you recommend : Peter owns a computer store in Montreal and has just started the sale of a new model of stylus. Which method will you recommend?

User Account

All Pages