Question #70167
Mr chan and Mr lee are secondary school teachers. They earn the same salary of $30000 a month.
(a) Explain whether Mr Chan 's and Mr Lee's opportunity cost of being a teacher would definitely be the same.
(b) Explain whether the opportunity cost of quitting their jobs as teachers would definitely be the same.
(a) Explain whether Mr Chan 's and Mr Lee's opportunity cost of being a teacher would definitely be the same.
(b) Explain whether the opportunity cost of quitting their jobs as teachers would definitely be the same.
Expert's answer
(a) Mr Chan 's and Mr Lee's opportunity cost of being a teacher wouldn't definitely be the same, if they have different opportunities except being a teacher.
(b) The opportunity cost of quitting their jobs as teachers would definitely be the same, because they both earn the same salary, which is their opportunity cost.
(b) The opportunity cost of quitting their jobs as teachers would definitely be the same, because they both earn the same salary, which is their opportunity cost.
