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Scenario 13-8
Ellie has been working for an engineering firm and earning an annual salary of $80,000. She decides to open her own engineering business. Her annual expenses will include $15,000 for office rent, $3,000 for equipment rental, $1,000 for supplies, $1,200 for utilities, and a $35,000 salary for a secretary/bookkeeper. Ellie will cover her start-up expenses by cashing in a $20,000 certificate of deposit on which she was earning annual interest of $500.
-Refer to Scenario 13-8.Ellie's annual implicit costs will equal
Generosity Error
A bias in rating where the evaluator tends to give higher ratings than deserved, often due to a desire to be seen as favorable or kind.
Inaccurately
Describes information, data, or results that are not correct or precise, often leading to errors in interpretation or conclusions.
Overall Impression
A general assessment or perception of something, typically considering all aspects or a comprehensive view.
Rating Scale
A tool used to capture responses or opinions by providing a set of categories that quantify characteristics, feelings, or attitudes.
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